Venture capital fund Vereeni Investments has acquired a six-figure stake in Malta-based lottery and gaming brand Megalotto, the firm announced.
Built on the Gaming Innovation Group (GiG) platform, Megalotto is backed by well-known industry investors and led by an executive team consisting of ex-William Hill, PaddyPower, Betfair, Betsson and GiG senior management.
Megalotto recently announced it had invested heavily in developing its own rival to leading lotteries, including implementing its own lottery games, as well as slots, scratchcards and instant win content.
Recently, Megalotto said it had reached a significant milestone when they were awarded an MGA licence.
Grant Williams, CEO of Megalotto, said: “We are delighted to be receiving a significant investment from Vereeni Investments and to be able to tap directly into their vast gaming knowledge and wide-reaching network.
“We are in regular contact with the Vereeni team, and together are forming an exciting plan for how we are going to be a disruptive force within the online lottery sector.”
Timothy John Heath, founder and CEO of Vereeni Investments, added: “Megalotto’s customer-centric attitude is what really stands out to us as Vereeni shares those important values.
“In addition to providing an attractive interface, they want to take the customer on a journey, moving away from more traditional, transactional lottery products. We hope this relationship will be the start of many exciting projects together.”