Gambling.com details successful fundraising period

Gambling.com details successful fundraising period

Monday, December 4, 2017 Posted by Michael Lawson
Online-Gambling-Too-Old
The firm has issued its first convertible bond in February.

Gambling.com Group has announced the completion of its 2017 fundraising plan, having raised a total of €16 million (£14.1 million).

The proceeds are intended to be used primarily for acquisitions, and the firm also issued its first convertible bond in February.

The bond has a final maturity of July 2020 and bears a fixed rate coupon of 10%. It will automatically convert to equity, at a discount, during a change-of-control event or an initial public offering (IPO) of the company.

The bond will be affiliated to Euroclear Sweden and conversion to equity during an IPO will be processed by Euroclear. The bond will mark the first time that Euroclear Sweden has affiliated a convertible bond from a non-Swedish issuer.

46 different investors participated in the issue with the funds mainly coming from investors based in Sweden. The issue was fully subscribed.

Gambling.com Group CEO Charles Gillespie told TotallyGaming.com: “We are keen to take advantage of the consolidation opportunity in the industry and we cannot do this at the rate we would like without having extra funds to deploy.

"The first two acquisitions we closed in February of this year have proven to be very positive experiences. We have grown the sales on one of them by nearly 70%. Given these results, we are confident in our ability to select and grow the right acquisitions.

“In contrast to some of our peers, we are first and foremost a fast growing technology company. We are not reliant on acquisitions to grow, but we would also be leaving money on the table if we did not pursue the attractive acquisition opportunities that are out there.

“Apart from acquisitions we have a number of initiatives targeting organic growth which have been in the works since the beginning of the year. This includes entering a number of new markets through the deployment of additional publishing assets.

“At the end of 2016 we had around 20 proper affiliate websites and now we have more than 50. But I will stop there before I give away too much of the playbook!”

Totally Gaming says: These are exciting times for Gambling.com, as the group announced the smashing of its 2017 fundraising target with a month to spare. And with the issuing of its first convertible bond back in February, 2018 is shaping up to be a very exciting year for the firm.

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