A subordinated convertible loan to two Nordic investment funds has been provided by the Gaming Innovation Group (GiG) to be used for ‘expedite revenue-generating activities and enhance future growth.’
The EUR 8.5 million loan given to Formue Nord A/S and Symmetry Invest A/S comes as GiG seeks to improve its cash position and capitalise on the new growth opportunities that have arisen.
GiG’s CEO, Richard Brown, explained: “Over the last 12 months GiG has simplified our business around our core B2B offering with significant growth in revenue and EBITDA for the first 9 month of 2020.
“As we are seeing continued expansion opportunities in all our 3 business segments we wanted to strengthen our cash position to be able to take advantage of those opportunities. We are happy that GiG is now in a place where we can attract capital from institutional investors on competitive terms to accelerate the business further.”
The platform provider claimed, using a strict capital allocation structure, that the funds will be used to support the growth of its omni-channel offering.
In addition, the funds will also be used to improve the market’s long-term tempo, which will further promote its sales operations. This will allow the provider of the platform to improve its paid media offering as well as offer the ‘potential to act in the M&A space within the Media Publishing department’.
The CIO of Formue Nord, Rasmus Viggers, added: “We have been following GiG for a while and have been impressed by the progress in the business over the last year. We are happy that we are able to support GiG with a flexible finance solution that is setting GiG up for further growth in the years ahead.”