Bettor Capital, an investment platform focused on the real-money online gambling market, has invested in US-facing geolocation and compliance technology specialist Xpoint.
Specific financial details of the investment were not disclosed, but it was confirmed that the funds would help support the launch of Xpoint, which is expected to take place early this year.
The funding, Bettor Capital said, will also play a role in the expansion of Xpoint throughout the US and help the busines build on the announcement of its first major US sports betting partnership with the Sporttrade exchange.
Xpoint is seeking to secure similar partnerships with other operators and businesses within the US sports betting and igaming markets.
“I am delighted to welcome Bettor Capital to the Xpoint team and want to thank them for sharing our vision. I am thrilled that Bettor Capital has seized the opportunity to invest in us at such an exciting time in our development,” Xpoint co-founder and chief executive Marvin Sanderson said.
“2022 is going to be an incredible year for Xpoint as we look ahead to the full launch of our geolocation platform, and a raft of partner announcements, starting early in Q1. Bettor Capital’s investment will serve to accelerate our growth as we aim to transform a marketplace that we know is ready for innovative thinking and partner-focused solutions.”
Bettor Capital founder and partner Dave VanEgmond added: “Xpoint offers a mission-critical, highly valuable solution that will benefit from the ongoing, strong, end market tailwinds in the online gaming space today.
“We couldn’t be more excited about working with Marvin and the Xpoint team to help drive continued growth, scale, and momentum across the North American online gaming end market.”
The partnership comes after Bettor Capital in October last year announced the initial closing of its investment fund, the proceeds of which will be used to support its own growth plans in North America.
Bettor Capital said funds would be put towards early-stage investment opportunities in software and technology facilitating real-money online gambling operations.
Investors included Jake Kleiner, a software and fintech investor who most recently started and led the early-stage investing practise at US Bank and was previously an investment professional at Vista Equity Partners.