The deal includes an initial six-figure investment in Flax in return for equity in the company.
Malta.- Venture capital fund Vereeni Investments has made its latest investment, purchasing an equity stake in Flax Innovations, the creator of betting stimulation and customer acquisition product Triggy.
The deal will see Vereeni make an initial six-figure investment in Flax Innovations in return for significant equity in the company.
Flax Innovations aims to become a hub of disruptive product development for the online betting industry, an aim which is also shared and supported by the venture capital fund.
Its first product, Triggy helps operators engage players and increase revenue via relevant live score messaging, delivering personalised betting suggestions to bettors. By owning the live score experience operators gain access to a powerful communication channel with players as well as providing them with a fast and fun live betting experience.
Timothy John Heath, founder and owner of Vereeni Investments, said: “One of the biggest challenges facing the online betting industry is finding new ways to genuinely engage our customers. Flax Innovations’ have shown a unique approach to this problem with its Triggy product.
“We are excited to use the Vereeni Investments network to provide Triggy with the audience it deserves, while also investing in the Flax Innovations team to create new, disruptive sports betting products that can help drive our sector forward.”
Björn Nilsson, Co-founder of Flax Innovations, said: “We are thrilled to receive this investment from Vereeni. While the money will help take our business to the next level, becoming a part of the Vereeni network will also have huge benefits when it comes to creating and delivering products that change the face of sports betting.
“We share Vereeni’s vision for the betting and gaming industry, and firmly believe that innovation and disruptive product development is necessary to meet the demand from players of all levels.”
Flax Innovations is the newest member of Vereeni’s €100 million ‘Level Up’ tech fund, joining a host of promising early-stage ventures across the fintech, online gaming, business intelligence, insuretech and blockchain verticals.