B2B gaming technology and content provider Bragg Gaming Group has entered into a new funding agreement for an investment of $8.7m (£7.5m/€8.8m) from Lind Global Fund.
Bragg said it will use the investment to strengthen its current offering to support continued top-line and cash flow growth.
Lind Global Fund operates as an investment entity managed by The Lind Partners, a New York-based institutional fund manager.
“For more than a decade, Lind has demonstrated a tremendous record of success supporting growth companies and we are confident that Bragg is well positioned to further deliver on our strategic initiatives,” Bragg chief executive Yaniv Sherman said.
“Importantly, since the beginning of 2021, our focus on enhancing our proprietary content development capabilities and our continued expansion into new regulated igaming markets, including North America, have driven a significant increase in Bragg’s revenue as well as margin expansion, which has resulted in strong adjusted EBITDA growth.”
“This is further reflected in our expectation for 2022 full year revenue and Adjusted EBITDA growth of 34% and 46%, respectively.”
Lind Partners managing director Phillip Valliere added: “Bragg has rapidly grown its gaming technology businesses and continues to expand its footprint, globally. We look forward to working with Bragg’s high-calibre management team as it further expands and penetrates new key gaming markets while continuing to drive profitability.”
The new investment comes after Bragg last month reported a 34.2% rise in revenue to €20.8m during the second quarter of its 2022 financial year, a new quarterly record for the provider.
Besides revenue, Bragg also reported new quarterly records in gross profit, gross profit margin and adjusted EBITDA.
