GamCrowd, the crowdfunding and crowdsourcing company which focuses on the gambling industry, has signed an agreement with Centurion Solutions to invest a fund of up to £5m into start ups on the GamCrowd platform. Centurion represents some of the world’s largest professional sports and racing trading firms and this fund will be made up from funds provided by both Centurion and its clients.
Centurion will take advantage of the crowdsourcing platform that GamCrowd has built to assist with ‘in country’ software and product testing as it helps its clients expand into new markets. Centurion has also negotiated certain rights to take an investment in GamCrowd as and when the company seeks an initial fundraising.
Dennis Verrios of Centurion explained the rationale for the fund: “We are keen to help our clients take advantage of the current wave of innovation that the gambling industry is experiencing. We had previously invested in Fox Poker Club which Chris founded and ran, and we were delighted with the returns from that investment. We are keen to invest in GamCrowd if and when the company is looking for money, but we are also excited to invest in some of the most innovative start-ups in the gambling industry. We intend to build a portfolio which will hopefully include a few winners.”
GamCrowd has recently announced that it has over 25 start ups that are looking for funding and CEO Chris North was delighted to have signed his first investment fund: “I am very pleased to be working with Centurion again; they bring massive expertise as well as capital. That is what crowdfunding is all about; they would add great value as shareholders of any of our start ups, particularly if they need technical or betting expertise.”