Victory Square Technologies portfolio company FansUnite had a big day yesterday.
The online sports betting startup completed a $3+ million non-brokered private placement, acquired U.K. betting service McBookie, and listed on the CSE under trading symbol FANS. Under the terms of the financing, FansUnite issued almost 9 million common shares at $0.35 cents.
FansUnite paid $2.2 million for McBookie, a leading provider of betting services in the U.K. for over 10 years. With a focus on B2C offerings in the Scottish market, McBookie’s lineup includes football, horse racing, casino and virtual sports games.
“This is a great milestone for our FansUnite Team,” said Darius Eghdami, Chief Executive Officer of FansUnite. “We’ve assembled a strong team with decades of experience in the gaming industry and are excited to build on our momentum.”
In addition to operating the FansUnite B2C Sportsbook and newly acquired McBookie site, FansUnite also provides technology solutions to the global gaming industries.
With the new financing complete, FansUnite looks to acquire assets in sports, gaming and entertainment industries with high-growth potential in new or developing markets.
“The successful private placement, acquisition of McBookie, and public listing is great news for FansUnite, and Victory Square shareholders,” said Shafin Diamond Tejani, CEO of Victory Square.
“During the past 36 months, FansUnite has achieved significant milestones in terms of growth, product development and customer acquisition. And, our team will continue to work closely to help them successfully build, develop and grow with the objective of creating long-term value for Victory Square shareholders.”
Tejani’s Victory Square builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth.