Xpoint has commenced with a multi-million dollar round of investment funding as the geolocation technology firm aims to support its growth, both in North America and Internationally.
As part of the investment fund, new investors including Acies Investments, The Raine Group and SuRo Capital Sports will join existing backers Bettor Capital and Courtside Ventures, both of which have increased their investment as part of this new funding round.
Marvin Sanderson, CEO and Co-Founder of Xpoint, stated: “This news comes at an exciting stage of our growth and development, and these new funds will serve to accelerate our efforts to service the regulated North American online gambling market.
“These are exciting times for Xpoint. We are now live in both New Jersey and Ontario with multiple partners using Xpoint Verify, our real-money gaming product, to fulfil their geolocation needs.
“Additionally, Xpoint Lite, our product designed specifically for daily fantasy sports operators, is live across the United States with multiple partners, with more being added every week.”
As part of the investment round, David VanEgmond, Managing Partner of Bettor Capital, will join Xpoint’s board of directors.
“We’re thrilled to double down on our support of XPoint as the company accelerates their product roll-out,” VanEgmond stated. “We know how critical regulatory and compliance technology is in this industry and have seen how XPoint’s best-in-class software provides significant value to its sportsbook and casino operator clients.”
Dan Fetters, Co-Founding Partner and Co-CIO of Acies Investments, added: “We are excited to partner with Marvin and the Xpoint team who have created an exceptional geolocation platform that addresses mission critical services and provides valuable customer insights to the online gaming industry. We firmly believe Xpoint delivers truly valuable, differentiated technology to its clients.”