Award-winning online gaming supplier raises capital to pursue growth opportunities in regulated markets
London, (July 30, 2019) – FSB Technology today announced that it has received a growth capital investment from Clairvest Group Inc. (TSX: CVG) (“Clairvest”). The investment will be used by the company to pursue profitable growth opportunities to supply its sports betting and internet gaming services into regulated markets. Together with Clairvest Equity Partners V (“CEP V”), Clairvest made a growth equity majority investment of £23 million in FSB and, subject to certain conditions, the investment may be increased by up to £4 million.
Founded in 2007, FSB is a leading Business to Business sports and internet gaming technology supplier based in London, United Kingdom. Using a Software as a Service business model the company offers full end-to-end sports betting and internet gaming solutions, which include data and pricing feeds, a proprietary sports betting software platform, fully-managed trading services and more. The opportunity to invest in FSB extends Clairvest’s 19-year track record in the gaming industry to the online gaming supplier market with a focus on sports betting.
“We are impressed with FSB’s leadership, technology platform and tremendous growth track record to date. Having spent over two years evaluating the sports betting space, we view FSB as a strong leader with a promising opportunity to expand into new regulated sports betting markets. We are excited to back the Company’s co-founders and partner with proven and strongly aligned gaming entrepreneurs,” said Michael Wagman, President of Clairvest.
“Clairvest’s growth capital investment in FSB is an important milestone for our company. Beyond capital, Clairvest’s deep industry knowledge in the gaming space will be instrumental in supporting our team as we embark on an aggressive growth plan in our existing markets as well as new geographies,” said David McDowell, Co-founder and CEO of FSB.
FSB is Clairvest’s 54th platform investment, 13th investment in the gaming space and the tenth investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at C$600 million and focuses on equity investments in growth companies.