Live table games provider Codeta has raised €600,000 through convertible loan financing in a fund-raising round.
The capital will for marketing and to fund an uptick in VIP players that the operator has acquired since its recent re-design, the company said in a press release.
The company has raised €4.3 million in three fund-raising rounds since its launch in 2016 and will be completed with a subsequent share issue later in the year.
A convertible loan sees investors provide a loan and the accumulated interest, along with the loan itself, are converted into stock once the share remittance has occurred, the company said in the release.
“Codeta’s latest funding round will enable us to increase our marketing activity and to drive awareness of the brand among more players in regulated markets around the world,” said Codeta Chairman Edward Ihre. “Following our re-design at the back end of last year, we have seen an increase in VIP players so we will also use the cash injection to bank-roll their wagering activity. We have big plans for 2018, which will include another, larger funding round later in the year as we look to cement Codeta’s position as undisputed leader in live casino.”
Codeta is a leader in live table games, but also has a selection of other table games and slots from NetEnt, Play’n GO, Aristocrat, Novomatic, NextGen, Microgaming and others. Its live dealer products are supplied by the likes of Evolution Gaming, NetEnt and Authentic Gaming. The site is available on desktop and has also been optimized for play on mobile and tablet devices, both Android and iOS, the release said.
