Issuing a market update Frankfurt Xetra listed bookmaker mybet Holdings SE has confirmed that it has successfully completed the funding of €5 million (£3.5 million) through it convertible bond loan placement.
Specifying the fund raising round, mybet governance detailed that the operator would pay 6.25% interest on the €5 million figure raised.
The German facing operator further stated that its funding round had been oversubscribed, finishing the round at 50,000 debt owners at €100.
mybet governance had alerted the markets in November of its planned fund raising target, following the announcement of -€.4.4 million in loses, citing sever downturn in player activity.
The raised funding will be used to assist the implementation of mybet’s new “product & Customer first strategy” which will look to overhaul the operators platform infrastructure and further diversify its product range.
Commenting on the completion of its funding round Zeno Ossko CEO of mybet Holdings stated;
“We have had plenty of positive feedback from investors regarding our strategy and plans. Many of our long-standing investors as well as a main anchor investor chose to subscribe to the convertible bond. A few new investors have now also come on board. We are delighted at that, and it confirms the path we have chosen towards profitable growth.”