Malta-based venture capital fund Vereeni Investments has acquired an equity stake in Stockholm-based sports betting app developer Flax Innovations.
The deal will see Vereeni make an initial six-figure investment in Flax in return for “significant” equity in the business.
Founded in 2017 by Björn Nilsson, Daniel Svenson and Stefan Thunberg, Flax recently launched Triggy, an app that provides live scores and betting odds to customers of LeoVegas and Sportsbet.io.
The app helps operators engage players and increase revenue via relevant live score messaging and personalised betting suggestions.
“One of the biggest challenges facing the online betting industry is finding new ways to genuinely engage our customers,” said Vereeni Investments founder and owner Timothy Heath. “Flax Innovations’ have shown a unique approach to this problem with its Triggy product.
“We are excited to use the Vereeni Investments network to provide Triggy with the audience it deserves, while also investing in the Flax Innovations team to create new, disruptive sports betting products that can help drive our sector forward.”
Flax Innovations co-founder Björn Nilsson commented: “We are thrilled to receive this investment from Vereeni. While the money will help take our business to the next level, becoming a part of the Vereeni network will also have huge benefits when it comes to creating and delivering products that change the face of sports betting.
“We share Vereeni’s vision for the betting and gaming industry, and firmly believe that innovation and disruptive product development is necessary to meet the demand from players of all levels.”