Online bingo operator has concluded a $0.5m private placement to help finance the continuing development of its Trophy Bingo game.

The company said Monday that it has successfully placed 1.25m common shares with a non-US private company at $0.40 per share, raising net proceeds of $500,000.

The funds will be used to finance the ongoing development of's social bingo product Trophy Bingo, which the company sees as offering greater potential for growth than its existing real-money offering. generated revenue of $1.94m in 2013, up 10 per cent year-on-year, with a net loss of $814,178.

Commenting at the time of the results, chief executive Jason Williams said that "while the cash gambling market has opportunities, we believe that the social casino sector currently has more potential for a bingo focused product".

This latest investment will enable the company to further develop the Trophy Bingo social offering, which is currently available on Android devices, with iOS and desktop versions scheduled for launch in the near future.

"The funds raised in this private placement will be used to finance the on-going development and marketing of Trophy Bingo," said Williams. "While on-going modifications to the game continue, performance metrics thus far have outperformed our expectations and we remain confident in the game's long-term potential."