Betable raises $18.5m in new funding round
London-licensee plans to use latest financing to enhance its real-money platform
Betable has raised $18.5m in a new funding round led by venture capitalist firm Venture51, taking its overall financing to $23m.
Previous investors Greylock Partners and Founders Fund also contributed to the fundraising round, the proceeds of which the developer plans to invest in improving its platform.
“This funding enables us to grow our team, introduce new features and support developers who are building our platform,” Chris Griffin, CEO at Betable, told venturebeat.com.
Betable’s platform enables social casino developers to convert their games so that they comply with real-money gaming regulations, with the company insisting there to be no need for individual licences as the product is regulated via its own licence issued by the UK Gambling Commission.
“Betable is the only way for game developers to legally offer real-money play without spending millions of dollars on licences or relinquishing control of their own games,” said Griffin.
Social casino developers such as Big Fish Games, Slingo, Digital Chocolate and Murka have used the Betable’s platform since it was launched in July 2012.