Glitnor Group has disclosed the launch of a venture capital vehicle, named Glitnor Ventures, with a view to accelerating a vision of becoming the “most entrepreneurial and fastest growing business group” in the industry.
The Malta-based igaming group, which counts online casino brands Lucky Casino and Happy Casino as well as content supplier Swintt as part of its stable, said that this move has been made for a pair of crucial reasons.
In addition to voicing a need for “smart igaming venture capital,” it is said that the establishment of Glitnor Ventures is also intended to leverage the group’s “broad casino value-chain position”.
Initial interests held come in the form of affiliate firm KaFe Rocks, the full purchase of which was mutually called off yesterday, as well as India-based games development studio RNGPlay.
With an overarching aim of leveraging the network of divisions and investment areas, David Flynn, CEO, elaborated on the decision to form the division.
“Glitnor Group has always been very open about its ambitions to become the most entrepreneurial and fastest growing business group in the igaming industry and the creation of Glitnor Ventures is another step in this direction,” he said.
“Our goal with Glitnor Ventures is to work with innovative projects from pre-seed to seed and support across the entire scope of products, technology and services across the igaming spectrum.
“We are primarily an early-stage investor and add support from our expertise and network in the igaming space.”
Yesterday, Glitnor confirmed that the purchase of KaFe Rocks, which was first detailed in February for an undisclosed fee, is no longer going ahead. It was said that this had been “amicably decided”.
The firm noted that the decision was made “after much deliberation,” with it added that “given market conditions” it was deemed that “now is not the time to fully complete the acquisition”.
