Cash boost hits the right note for Gaming Realms ahead of X Factor launch

Cash boost hits the right note for Gaming Realms ahead of X Factor launch

Thursday, March 3, 2016 Totally Gaming
CEO Patrick Southon said the new funds would be invested in the company's social and real money platforms

Gaming Realms has told TotallyGaming.com it will “invest more heavily” in both its real-money and social gaming platforms through £1.5m (€1.9m/$2.1m) of new funding.

The games developer said it has conditionally raised the funds through a subscription of 7.7 million shares at 20 pence each, with senior management including executive chairman Michael Buckley and chief executive Patrick Southon among those increasing their stake.

Gaming Realms, which creates mobile real-money and social games, said the proceeds will be used to support the launch of the new social casino 'Lucky Streak', and to fund the continued growth of the real-money 'Grizzly' platform in the UK, which will launch theXfactorgames.com site in partnership with television production company Fremantle Media.

“These new funds are an important addition to our 2016 marketing budget, enabling us to invest more heavily in our real money platform and the launch of our new social casino, Lucky Streak,” Southon told TotallyGaming.com. “Late summer will be an exciting time for the business with the launch of theXfactorgames.com, where our leading game 'Slingo' will be extended into new channels under the X Factor brand.”

Gaming Realms last month reported its revenue had doubled in 2015 to £21.4m, while real-money gaming revenue tripled to £10.8m.

Gaming Realms' agreement with Fremantle Media will see Slingo extended into new player channels under its 'X Factor' brand to launch in line with the ITV show's air date. The company has also recently signed licensing agreements with media company Endemol and social gaming developer Zynga.

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