PlayStar lands $15m investment from Meyer Global Management
Firm nets eight-figure sum to drive future growth plans and expansion across US igaming market
PlayStar has secured a $15m equity investment from Meyer Global Management (MGM) to fund the company’s growth plans.
The pair have executed a letter of intent which will see the US-facing operator handed a capital injection to build out its platform and support its launch in Pennsylvania next year.
PlayStar currently operates in New Jersey as part of its igaming-first approach, with the firm confirming it had surpassed its major KPI forecasts in the market after just five months.
PlayStar boasts more over 40 employees across offices in New Jersey, Gibraltar, Malta and Sweden.
Meyer Global Management noted PlayStar has the potential to grow “substantially” in the US, with igaming regulation set to be introduced on a state-by-state basis.
Per Hellberg, PlayStar CEO, said the investment showed huge confidence in the company’s future success despite the current negative macroeconomic environment.
Hellberg said: “PlayStar is delighted to welcome Meyer Global Management as a shareholder in our business. MGM’s confidence in PlayStar to provide $15m to support us in a time of such economic uncertainty says a lot about PlayStar’s performance over the past few months.
“While several online gambling sites have been forced to cease operations in the past year, we’ve surpassed our initial forecasts and are well-positioned for further expansion. The funding from Meyer Global Management will enable us to build on this initial success as we grow our New Jersey operation and look to launch PlayStar in Pennsylvania,” he added.
Owen EH Meyer, Meyer Global Management CEO, commented: “What we’ve seen from PlayStar since it debuted in New Jersey a few months ago is very impressive and I believe that with our support, the company has the potential to be just as popular when it goes live in Pennsylvania.”