GeoComply Lands Investments to Help Tech Company Expand
GeoComply proclaimed Wed that the society has received funding from adventure chapiter firms, moves the Canadian-based technology society says testament help them produce into new segments.
Norwest Venture Partners and Arctos Sports Partners were the firms providing the capital. The amount was not released, but GeoComply said both firms were at present minority investors inward the company. They’re the indorse and tertiary firms to enthrone in the company, following Blackstone, which came on gameboard a twelvemonth and a half ago.
GeoComply offers geolocation services to aid companies name put-on and long pillow their cybersecurity defenses. Its software package has been installed on more than 400 trillion devices and tracks to a greater extent than 10 1000000000000 transactions annually.
In the sports betting realm, GeoComply ensures that any bets made through and through an manipulator are physically taking localise within the sound jurisdiction that licenses the sportsbook. It also provides the gaming manufacture with data snapshots showing online wagering activity in various states and for swelled events same the Super Bowl.
While the funding testament aid the troupe get in its existing sectors, it is also looking to expand into financial services and media rights.
“With their added support, we will accept our Ground Truth Geolocation program into broader engineering markets, so these industries tin can also receive the unwavering of reliability and credibility GeoComply has consistently delivered to our core group regulated cyberspace gaming and sports betting clients,” said Anna Sainsbury, GeoComply co-founder and CEO, inward a statement. “Despite a thought-provoking tech environment, GeoComply has continued to commit and expand our production and services.”
‘Natural Alignment’
Sainsbury noted that GeoComply has a “natural alignment” with its new investment funds partners.
We can buoy pivot chop-chop to grow our business organization in markets they collectively serve, spell managing the needs of our existing customers by delivering new products and services,” she said.
Norwest is a unshakable that seeks to place inwards companies at various stages of their living cycle. It has provided funding to to a greater extent than 650 companies, and its stream portfolio includes to a greater extent than 200 businesses.
The firm, which manages more than $12.5 one thousand million inward capital, is based come out of the Bay Area and has offices inwards Republic of India and Israel.
Jon Kossow, a managing partner, said GeoComply is a instinctive tantrum as it ensures other companies travel along regulations and mitigate risks.
“Anna and St. David (Briggs, a co-founder, former CEO and a current director) get built an impressive, profitable business concern serving the gaming and sports betting market, and we looking at forrad to partnering with them as GeoComply expands into financial services, crypto and other verticals,” Kossow said.
Arctos Connected to Pro Sports
Arctos has offices in Dallas and New York and workings with major professional sports teams inward Second Earl of Guilford America and Europe.
It was the first investiture unwavering to live allowed to put to death deals inwards quaternary of the pinch North American leagues (MLB, MLS, NBA, and NHL) and has invested inwards 20 teams or next businesses.
“A robust gaming surroundings depends on technology that prevents fraud, verifies individuality and location, and ensures the safety and surety of its users as easily as adherence to all relevant laws and regulations. GeoComply is the leader inwards providing this essential technology,” said Republic of Chad Hutchinson, a partner in the firm.
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