NewGame Capital invests in AlchemyBet
Bwin.party-backed VC fund invests in mobile casino operator " TV advertising campaign to launch this evening.
NewGame Capital, the venture capital fund run by Cashcade co-founders Simon Collins and Patrick Southon, has announced its latest egaming investment, backing mobile casino operator and supplier AlchemyBet, which is to launch a TV advertising campaign this evening.
AlchemyBet is focused exclusively on developing HMTL5 games “ predominantly slots “ with CEO James Harrison explaining to eGaming Review that this focus was part of a long-term approach, with HTML5 likely to overtake app development in the coming years:
“Aside from the cost saving benefits of developing for a single platform, we have also taken the view that whilst native app stores are currently in vogue, HTML5 web apps will prove to the better long term bet; they are not subject to third party content policies, new versions and features can be rolled out immediately,” he said.
The company was founded by Rob Anderson, previously of Barcrest Games and Mazooma, with Harrison, who has spent over a decade working on mobile development startups, as chief executive. It is currently based in Sheffield, with Collins and Southon acting as advisors.
AlchemyBet operates its own mobile casino PocketFruity (pictured), with plans to license its products to other mobile operators, and is to launch an advertising campaign to promote the brand this evening.
Discussing the decision to focus on TV advertising Harrison explained: “A number of surveys have demonstrated that the first and fourth screen are the closest aligned, so the journey from TV to mobile is a very short one, especially when customers are able to text a slogan or a brand name in order to be sent the product – the barriers to conversion are very low.”
AlchemyBet is NewGame Capital’s second significant venture, following a six-figure investment in social bingo operator Avatingo, announced in September last year. The fund was launched with a £15m anchor commitment from its parent company bwin.party, and £1m raised by Collins and Southon.