Codeta raises €2.3m in new funding

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The founder of consumer-facing live-casino specialist operator says the securing of second round funding totalling €2.3m is evidence of the attractiveness to investors of a brand that has been “daring enough” to take a unique position in the online casino market.

Half of the new funding comes from the Stockholm-listed investment vehicle Trention while the remainder has been provided by existing friends and family investors.

Speaking to GamCrowd, Codeta founder and online gaming industry luminary Edward Ihre said that the clear positioning of Codeta as live-casino only, and its strong focus on Scandinavia initially and now the UK as well, made it an attractive proposition. This is particularly the case, he added, given the growth being seen by live casino propositions generally in the online world.

“So, all in all, we had two major USPs to sell to investors which explains our success in attracting them,” he said.
 
Codeta has been seeking new investment for a while and Ihre said the influx of cash would now accelerate the company’s plans. “It gives us the ability to plan for the future and actually focus on not only growing the business from a customer acquisition point of view, but initiate the long-term (technical) projects to improve the product and experience playing with us, i.e. actually deliver on our positioning and the consumer insight we have regarding our target market.”

The addition of Trention to the investor base adds a new dimension to Codeta and Ihre said the investment vehicle’s interest in the company was relatively recent.

“It went fairly quickly from initial contact to them committing to invest,” he said. “I think from the first meeting we had until we had finalized everything took less than 3 weeks. I am very happy to have them on board as it is our first institutional investor.”

Codeta is mainly a live casino offering through the company has now added some table games and slots to its proposition. It’s live casino products are provided by Net Ent, Evolution Gaming and Authentic Gsming while it also gets other products from Play’N’Go, Aristocrat, Novomatic, NextGen, Microgaming and others.

It was also announced this week that Codeta will be among the first operators to be offering Evolution’s new Dream Catcher gameshow-like product. The live money wheel game is hosted from a studio that is set up in the style of a television gameshow, featuring a presenter instead of a traditional dealer.