Chicago-based Media Chaperone, developer of a free Facebook application that helps parents manage their children’s Internet gaming use, said it has raised $1 million in its first venture capital backing ever.

The investor group is led by Northbrook-based Leo Capital Holdings, which focuses on youth-oriented technology companies. Leo’s managing partner is Randy Rissman, who founded toymaker Tiger Electronics and in 1998 sold it to Hasbro for $335 million. Rissman will join Media Chaperone’s board of directors. Leo’s other investments include Chicago-based GrubHub.com.

Media Chaperone’s app is called Piggyback, and it enables parents, in real-time, to get an overview through their Facebook account of how their children are using online gaming sites and social networks, and to manage entertainment spending, including adding monies for tokens.

“As tweens spend more time online, Piggyback fills a void that allows parents to create a deep level of interaction with their children in the Internet space,” Rissman said in a statement. Research indicates that children between the ages of 8 and 12 influence $150 billion in parental spending each year, said Media Chaperone, which was founded in 2009.

Also joining Media Chaperone’s board is Doug Moneison from Hyde Park Angels, which is affiliated with the Polsky Center of Entrepreneurship at the University of Chicago.

Since 1994, Moneison has been a member of the Chicago Mercantile Exchange, is a member of its pit supervision committee and has served on CME Group’s political action committee since 2007. He’s also a founding member of the NASDAQ100 futures pit.