Venture capital fund Vereeni Investments has acquired a 20% stake in end-to-end iGaming platform and software provider Singular as part of its Level Up initiative.
Vereeni will pay an initial €5m (£4.5m/$5.7m) for its stake in Singular, which could increase after 13 months based on the performance of the supplier during the period.
Vereeni said it has been seeking an innovative company in the iGaming industry to support its Level Up initiative, through which it is investing €100m into tech companies around the world. Other investments include companies in the media, business intelligence, software development, as well as the crypto and blockchain markets.
Vereeni also agreed a strategic partnership with investment and M&A brokerage RB Capital to acquire a 20% share in casino and slots development studio Kalamba Games last month.
“Singular’s extensive software solutions offer significant value to our portfolio, which has already begun strengthening their position with the experience, network and tools freely available within Level Up,” Vereeni founding partner Timothy Heath, said.
The venture capital fund said that its curated investment ecosystem will open up more expansion opportunities for Singular, in addition to prospects for further operational investment fuelled by the iGaming company’s own technology.
The Singular gaming platform that can power sportsbook, games, retail and omni-channel solutions.
“Vereeni Investments has vast experience of investing in up-and-coming opportunities through acquisitions, joint ventures or the development of operations,” Heath added.
“The venture capital fund strives to accelerate the potential of each investment by utilising the portfolio’s united insights, network and access to strategic capital. All companies involved with the fund share a commonality of proven success and a reputation as innovators within their respective fields.”
Darko Gacov, chairman of the board of directors at Singular, also talked up the potential for further growth, both in terms of its geographic locations and new areas within the iGaming industry.
“As a result of this partnership we are already looking at three major new clients in different regions that will be powered by Singular’s technology,” he explained.