CampusLIVE, the content marketing and engagement platform originally focused on college students, has new money, a new CEO, and even a new name.

The company today announced it has raised $5 million, led by GSV Capital and joined by existing investors Highland Capital and Charles River Ventures. It has also changed its name to Dailybreak and appointed John Federman, an executive with deep experience in online media and eCommerce, as CEO.

“While I wasn’t looking to step down as the CEO, the opportunity to work with john was too good to pass by,” said founder and previous CEO Boris Revsin, who will shift to EVP, handling business development and strategy for the company. “He’s become a mentor to me,” he added. (Revsin also promised a BostInno guest post about the transition.)

The funds will be used to help the company expand beyond the college student market – hence the name change – as well as to ramp up its mobile offering. In particular, Dailybreak is focused on acquiring moms, young professionals, and high school students as users.

Dailybreak engages users with a variety of games, puzzles, and trivia – known as “challenges” – and provides marketers brand exposure through those challenges. The company believes it has a formula for creating authentic engagement between brands and users, thereby adding more value than traditional web advertising or even standard content marketing.

The company’s client list includes high profile firms like Chevrolet, McDonald’s, Anheuser-Busch, Dunkin’ Donuts, Microsoft and Ernst & Young.

Revsin told me the company is rolling out a series of partnerships with media outlets and other online platforms with engaged communities but limited options for monetization, beginning with WickedLocal, the hyper-local news portal.

Revsin and CTO Jared Stenquist founded the company in 2008 out of their UMass dorm room. The new funding brings the company’s total raised to $8.5 million, with its last round being $3.1 million in April 2011.

The new name was the result of an employee contest. Dailybreak, referring to the five to 10 minute breaks users take to engage on the site, was submitted by Product Manager Jay Acunzo.