Venture capital fund Vereeni Investments has acquired a majority stake in Australian daily fantasy sports operator Moneyball.
Terms of the deal have not been disclosed, but Vereeni said it has made a seven-figure investment in the business.
Moneyball went live in its native Australia in 2015 and currently holds licences to operate in each of the country's six states.
The operator expanded its services into India in 2016 and also has plans in place to launch in the US and various other markets in the near future.
Moneyball users can compete in fantasy contests based around major sporting events such as the National Rugby League and Australian Football League, as well as the English Premier League, the NFL American football league and the NBA basketball league.
“Moneyball is already established as Australia’s number one daily fantasy sports platform, and we see huge potential for further growth, both in Australia and internationally,” Vereeni founder and CEO Timothy John Heath said.
“As an operator that has innovated from the outset, Moneyball is a perfect fit with Vereeni and we are excited to see what the future holds.”
Moneyball co-founder and co-CEO James Fitzgerald added: “Becoming a part of the Vereeni family positions us strongly for further growth, giving us access to unparalleled global reach and expertise within the gaming sector.
“Daily fantasy sports is still a massively underserviced sector with potential to grow much faster than the broader market. We have spent the last three years searching for a partner to help us deliver on this potential, and in Vereeni we have finally found one.”
Vereeni’s investment in Moneyball is the latest in its Level Up initiative, through which it is to invest €100m in early-stage ventures across the fintech, online gaming, business intelligence, insuretech and blockchain sectors. This has already seen Vereeni acquire a 20% stake in igaming platform provider Singular, and partner investment and M&A brokerage RB Capital to acquire a similar stake in Kalamba Games.