A six-figure stake in the newly launched lottery and gaming brand Megalotto has been acquired by Malta headquartered venture capital fund Vereeni Investments.
Striving to “redefine the online lottery experience” Megalotto recently revealed a “major milestone” after securing a licence from the Malta Gaming Authority, with the company turning its attention to a select few expanding European and global markets.
Based on the foundation of the Gaming Innovation Group, Megalotto is funded by a number of industry investors and is led by an executive team comprising ex-William Hill, PaddyPower, Betfair, Betsson and senior management from GiG.
Megalotto states that it has “invested heavily in creating a clean, simple and slick front-end product to rival the world’s leading lotteries,” with the company providing its own lottery ideas, as well as slots, scratchcards and instant win content.
Vereeni Investments founder and CEO Timothy John Heath said of the investment: “Megalotto’s customer-centric attitude is what really stands out to us as Vereeni shares those important values.
“In addition to providing an attractive interface, they want to take the customer on a journey, moving away from more traditional, transactional lottery products. We hope this relationship will be the start of many exciting projects together.”
Founded in 2017, Vereeni Investments funds early-stage investments in fintech, online gaming, business intelligence, insuretech and blockchain. The mission of Vereeni, based in Malta, is to speed up the potential of each investment by leveraging its insights, networks and access to strategic capital.
Most recently, Vereeni partnered with MA brokerage RB Capital to make a six-figure investment in Green Jade Games, in an agreement that saw the two acquire significant business stake.
Megalotto CEO Grant Williams has added: “We are delighted to be receiving a significant investment from Vereeni Investments, and to be able to tap directly into their vast gaming knowledge and wide-reaching network.
“We are in regular contact with the Vereeni team, and together are forming an exciting plan for how we are going to be a disruptive force within the online lottery sector.”