Stockholm Nasdaq-listed B2B fantasy sports supplier Scout Gaming Group has confirmed that it has secured an additional SEK 42 million (€4 million) in working capital, following the execution of a successful new share placement, made available to institutional investors.
Updating investors, the board of Scout Gaming details that it has closed a private 900,000 new share placement, in accordance with Stockholm Nasdaq First North rules.
The transaction sees Swedbank Robur, the mutual investment fund division of Swedbank AB become a major shareholder in Scout Gaming, securing circa 1.2 million shares, representing 8.8% of corporate share capital.
In its update, Scout Gaming discloses that existing private investors Novobis, Knutsson Holding, Isoquant Holdings, Naxs AB and Lars Wingefors took part in the share placement.
Moving forward, Scout Gaming confirms that it will utilise its new capital, to fund US market expansion projects and initiatives.
This October Scout Gaming announced its first US-centric strategic partnership with Las Vegas-based real-time sports data and betting platform provider Metric Gaming.
Gaining its US market vision, Scout details that it will be able to better customise its games for individual US states utilising Metric systems and betting provisions such as its SuperLive betting API, and revamped pool betting system.