Malta headquartered venture capital fund Vereeni Investments has acquired a six-figure stake in the newly launched lottery and gaming brand Megalotto.

Striving to “redefine the online lottery experience” Megalotto recently revealed a “major milestone” after securing a Malta Gaming Authority licence, with the firm turning its attention to a select few European and world markets for expansion.

Built on the Gaming Innovation Group platform, Megalotto is backed by a variety of industry investors, as well as being led by an executive team consisting of ex-William Hill, PaddyPower, Betfair, Betsson and GiG senior management.

Megalotto stresses that it has “invested heavily in creating a clean, simple and slick front-end product to rival the world’s leading lotteries,” with the entity offering its own lottery concepts, in addition to slots, scratchcards and instant win content.

Timothy John Heath, founder and CEO of Vereeni Investments, said of the investment: “Megalotto’s customer-centric attitude is what really stands out to us as Vereeni shares those important values.

“In addition to providing an attractive interface, they want to take the customer on a journey, moving away from more traditional, transactional lottery products. We hope this relationship will be the start of many exciting projects together.”

Vereeni Investments was founded in 2017 to support early-stage ventures in fintech, online gaming, business intelligence, insuretech and blockchain. Based in Malta, Vereeni’s mission is to accelerate the potential of each investment through leveraging their insights, network and access to strategic capital.

Most recently Vereeni partnered with MA brokerage RB Capital to make a six-figure investment into Green Jade Games, in a deal which saw the two acquire a significant stake of the business.

Grant Williams, CEO of Megalotto, added: “We are delighted to be receiving a significant investment from Vereeni Investments, and to be able to tap directly into their vast gaming knowledge and wide-reaching network.

“We are in regular contact with the Vereeni team, and together are forming an exciting plan for how we are going to be a disruptive force within the online lottery sector.”