TechCrunch.com is reporting that Virtual Piggy, a payments service aimed at minors is today rebranding as Oink after buying the domain, trademarks and social marks from Milk (not Google) for $57,500.
Founder and CEO Jo Webber is quoted as saying “the company found that 66% of it users were already over the age of 13, “Piggy” sounded too infantile but “Oink” lets them retain some of the branding association with piggy banks while sounding more punchy in a way that will resonate better with the the older end of the youth market”
Oink, has raised about $25 million in funding.
You can read the entire story here
Virtual Piggy acquired the domain name oink.com from successful entrepreneur and founder of DIGG Kevin Rose, who had previously used the name as an app for business-evaluation services. Company has a value of $130M in terms of market capital.
I heard that the announcement was made before the oink was dry.