Compliable has announced the completion of a $3.6m seed extension round, led by Bettor Capital, as the compliance software provider looks to add further strength to its offering.
The investment, says the group, will enable further strength to be added to its platform offering, as well as facilitating an expansion in the scope of products and services that it provides to real-money gaming operators.
Compliable will use the new capital to accelerate the delivery of key functionality and features to smooth and speed up launches, as sports betting and igaming continue their rapid expansion across the US.
Chris Oltyan, CEO of Compliable, explained: “Following discussions with our customers, prospects, regulators and industry contacts it became clear that our solution is timely and necessary, and we realised that expanding our engineering team was essential to keep up with the many feature requests.
“Additionally, with Justin to help navigate the compliance landscape, we’re positioned to grow exponentially in the coming year.
“We are also excited to partner with Bettor Capital who brings significant real-money gaming experience and has a deep focus on the software supply chain within the industry.”
The investment from Bettor Capital marks the second funding round for Compliable in the past year, with the company previously securing $1.7m seed funding in a round led by Chicago-based KB Partners.
David VanEgmond, founder and CEO of Bettor Capital, stated: “With the ever growing complexity of licensing in the real-money gaming market, Compliable has quickly become an integral part of how companies process and maintain their regulatory compliance as they enter new markets.
“I know first-hand from my time as an executive at FanDuel how critical and resource-intensive it can be to comply with diverse gaming regulations on a state-by-state basis.
“Compliable’s technology makes this process easier and saves companies money, which we believe represents a great long-term value proposition for a software vendor to an exciting growth industry.”
Furthermore, Compliable has added Carl Sottosanti, a fund advisor to Bettor Capital and former general counsel of Penn National Gaming, to its board of directors, with Justin Stempeck, former director of licensing at DraftKings, joining as chief strategy officer
Sottosanti added: “Compliance must be top-of-mind for all companies entering the complex US online market and with Compliable’s platform, the employee gaming licensing process is significantly simplified and expedited. I look forward to being part of the company’s journey in what is a very exciting time for the industry.”