Malta-based venture capital fund Vereeni Investments continues to grow its involvement in the online gaming industry, with the latest deal seeing it invest an initial €5m in software solutions provider Singular.
Vereeni has acquired a 20 per cent stake in the supplier for an initial consideration of €5m, which may increase depending on future performance over the next 13 months.
Singular becomes part of Vereeni’s €100m ‘Level Up’ tech fund, which has invested in a number of companies involved in the iGaming sector, including Kalamba Games, OneTouch, Coolbet, Global Gaming, and The Games Company.
“We’re delighted to partner with and help to further develop Singular,” said Vereeni Investments founding partner Timothy John Heath. “Their approach to continual business development and commitment to being innovators within their field makes them a perfect fit for our diverse investment ecosystem.
“Singular’s extensive software solutions offer significant value to our portfolio, which has already begun strengthening their position with the experience, network and tools freely available within ‘Level Up’.
“The venture capital fund strives to accelerate the potential of each investment by utilising the portfolio’s united insights, network and access to strategic capital,” he said. “All companies involved with the fund share a commonality of proven success and a reputation as innovators within their respective fields.”
With offices in Malta, Macedonia, Georgia and the United Kingdom, Singular offers a full range of iGaming products, including gaming platform and omni-channel solutions across sportsbook, poker and casino games.
“We are more than pleased to welcome a new shareholding partner with such a strong investment network and expertise in the industry,” said Singular chairman Darko Gacov. “What makes this partnership such a good fit is the substantial experience both companies have in complementary fields.
“The partnership has the potential to further expand Singular’s presence, not only geographically, but also in new industry directions. As a result of this partnership we are already looking at three major new clients in different regions that will be powered by Singular’s technology.”