Virtual sports provider reaps $3.5m investment
Investor says Leap Gaming is "uniquely positioned" to capitalise on booming sector
Virtual sports and 3D casino supplier Leap Gaming has received a $3.5m investment from FastForward, an AIM-listed company which invests in “innovative technologies”.
The deal, announced this morning, will see FastForward acquire more than 41% of the business – a 29% initial subscription, followed by another 11% within 30 days.
As part of the agreement, FastForward will also have the right to appoint two managers to the board of Leap Gaming.
FastForward said it made the investment – its first in a gaming company – because Leap Gaming was “uniquely positioned” to capitalise on the $1bn virtual sports industry and the $7bn online casino industry.
“Gaming, and particularly 3D and virtual gaming, is an incredibly exciting sector that is growing dramatically,” said FastForward’s CEO Lorne Abony.
“The world’s biggest online and retail gaming operators alike are increasingly seeking state-of-the-art immersive, real life experience, which is exactly what Leap’s technology offers.
“We anticipate that Leap will become a leading provider of virtual sports and virtual casino gaming technology, thanks to their proprietary graphic generation platform, their already impressive existing portfolio of gaming products, their innovative technology-driven approach to seamlessly integrating their new and existing products into the online as well as retail operators, and of course their extraordinarily strong management team.”
For the 12 months ended 31 December 2015, Leap Gaming had revenue of $247,000 and incurred a trading loss of $646,000 for the period.