Toronto-based private equity firm Clairvest Group has invested £23m to acquire a stake in sports betting technology provider FSB Technology.

Together with Clairvest Equity Partners V (CEP V), Clairvest has made a growth equity majority investment of £23m in FSB, which can be increased by up to £4m subject to certain conditions.

The investment will be used by the supplier to pursue growth opportunities to expand its sports betting and iGaming services in regulated markets.

“We are impressed with FSB’s leadership, technology platform and tremendous growth track record to date,” said Clairvest president Michael Wagman. “Having spent over two years evaluating the sports betting space, we view FSB as a strong leader with a promising opportunity to expand into new regulated sports betting markets.

“We are excited to back the company’s co-founders and partner with proven and strongly aligned gaming entrepreneurs.”

FSB co-founder and CEO David McDowell commented: “Clairvest’s growth capital investment in FSB is an important milestone for our company.

“Beyond capital, Clairvest’s deep industry knowledge in the gaming space will be instrumental in supporting our team as we embark on an aggressive growth plan in our existing markets as well as new geographies.”

FSB is Clairvest’s 54th platform investment, 13th investment in the gaming industry, and the 10th investment by CEP V. The Clairvest/CEP V co-investment pool is capitalized at CAD$600m and focuses on equity investments in growth companies.