Venture capital fund Vereeni Investments has acquired a “significant” stake in Flax Innovations.
The exact terms of the deal have not been disclosed, but Vereeni said it had made an initial “six-figure investment” in return for an equity stake in the Swedish company.
Flax Innovations was founded in 2017 and its main product is the betting stimulation product Triggy. The white label app aims to help operators increase revenue by sending out live score messages and communicating with players during live events.
Triggy is available in the Google Play Store and the Apple App Store, and is used by operators such as LeoVegas and Sportsbet.io.
Tim Heath, founder and owner of Vereeni Investments, said: “One of the biggest challenges facing the online betting industry is finding new ways to genuinely engage our customers. 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.”
Björn Nilsson, co-founder of Flax Innovations, said the investment would help take the company to “the next level”.
He added: “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.”
The investment by Vereeni in Flax Innovations is the most recent in its “Level Up” tech fund, through which it plans to invest €100m in early-stage ventures across the fintech, online gaming, business intelligence, insuretech and blockchain verticals.
Earlier this year it took a majority stake in Australian daily fantasy sports operator Moneyball. Its other investments include OneTouch, Sherpa, Coolbet, Caleta Global Gaming, Hexagon, Kalamba Games, Puntaa, Skrilla and Singular.
The Malta-based fund was founded by in 2017 by Tim Heath, who is also CEO of the Coingaming Group.