Venture capital fund Vereeni Investments, together with investment and M&A brokerage RB Capital, have jointly acquired a significant stake in casino content supplier Green Jade Games.
Exact terms of the agreement were not disclosed, but it was confirmed that the acquisition represented a six-figure investment for Vereeni and RB Capital.
The funds will be used to support Green Jade’s ongoing growth plan, while the supplier will also benefit from Vereeni’s links with other businesses across the gambling sector. The studio was originally established as a subsidiary of MRG Group, before being spun off as an independent entity following the Mr Green operator's acquisition by William Hill.
“Vereeni loves nothing more than investing in high-growth, high-potential gaming companies, and Green Jade really ticks all the boxes,” Vereeni founder and chief executive Timothy John Heath said.
“Green Jade is led by experienced management that has the confidence, ability and creativity to push boundaries in our industry. We can already see from Green Jade’s content that this is a special team, and we are certain that the extra support we can provide will help them take things to the next level.”
Julian Buhagiar, co-founder of RB Capital, also said: “The Green Jade team is backed by some of the best investors in the business, and in just a few months they have built some of the best engaging IP in this industry.”
Benedict McDonagh, managing director of Green Jade, added: “As a relatively young company in this space, the only way we can succeed is by creating the type of game-changing casino content that operators simply cannot do without.
“We have accepted this investment from Vereeni and RB because it not only allows us to scale our growth, but also provides access to an unparalleled network of iGaming expertise. We are absolutely delighted to be opening the next chapter in the Green Jade story alongside our investors.”
The investment makes Green Jade the latest beneficiary of Vereeni’s €100m (£85.6m/$110.2m) ‘Level Up’ tech fund, joining other early-stage ventures across fintech, online gaming, business intelligence, insuretech and blockchain.
Gaming, OneTouch and Kalamba Games are among the other businesses to have benefitted from Vereeni, while the firm has also recently invested in the likes of India-facing fantasy sports operator Nostragamus and Brazilian gaming content development studio Caleta Gaming.