Tim Heath investment firm partners with RB Capital for 20% stake in Kalamba Games

Slots development studio Kalamba Games has sold off a 20% stake in the business to venture capital fund Vereeni Investments.

The deal will see Vereeni partner with M&A brokerage RB Capital to invest a “seven-figure sum” in return for a 20% equity share in the casino and slots development firm.

Kalamba, which was founded in 2016, said the investment would accelerate the introduction of new promotional and social features in its games and help them better address region-specific market demands.

The company has teams in Malta and Poland and released 11 titles in less than a year from its first game launch.

RB Capital and Vereeni said Kalamba was selected for the investment after showing “high growth potential”.

Steve Cutler, CEO and co-founder of Kalamba Games, said: “[Co-founder] Alex Cohen and I, as well as the whole team at Kalamba, are very excited that we have joined forces with Vereeni and RB Capital, who bring the financial resources and strategic capital, that match our vision for being a tier one supplier in the casino games industry.”

“The investment gives us the ability to scale up the development teams in Krakow, maintain our already aggressive velocity and build the games platform coupled with the engagement and retention tools, that the industry still desperately needs.”

Kalamba will also set up a new head office in Malta, which will house business development, marketing and finance teams.

Vereeni was founded in 2017 by Coingaming Group CEO Tim Heath and has investments in several online gaming firms including OneTouch, Sherpa, Coolbet, and Global Gaming.

Tim Heath added: “In less than two years, Kalamba Games has displayed the creativity and expertise required to make a major splash in slots development. By taking a significant equity share, we are confident that Vereeni Investments can help Kalamba Games reach the next level in its development.”