W2 steps up expansion plans with funding round
W2, which works with the likes of GVC Holdings and Lottoland, has set out plans to “step up” its international sales strategy after securing £3m (€3.4m/$3.8m) in new investment.
The Welsh firm, which specialises in SaaS, B2B software solutions and services, including real-time identity verification, anti-money laundering and anti-fraud checks, yesterday (Monday) completed a Series A funding round.
W2, which has clients across the payments and foreign exchange markets, said that the fresh investment from the likes of Mercia Technologies and the Development Bank of Wales would accelerate its product development whilst being used to bolster sales and marketing efforts.
Warren Russell, chief executive of W2, said: “With the continued support from Mercia and Development Bank of Wales we will be able to continue establishing our position as a key world player in our field.
“This further investment will enable us to step up our international sales plans and further grow our team to support our rapidly expanding business. We feel honoured that our existing investors are backing us every step of the way.”
Calls from iGamingBusiness.com to W2 and Mercia Technologies to clarify the company’s plans in the gaming sector following the funding round were not returned immediately.
Mercia is no stranger to the gaming sector, having previously invested in brands such as fantasy sports specialist Realtime Games. At present, Mercia has around £400m in funds under its management across various markets.
Julian Viggars, chief investment officer at Mercia, said: “SaaS technology continues to be one of Mercia’s key areas of focus and we see significant potential for delivering shareholder value over the medium term as W2 continues to grow.”
The Development Bank of Wales focuses on supporting businesses across Wales, such as Newport-based W2. The organisation has previously invested in the firm.