The Stockholm-based live table games specialist Codeta has completed its latest funding round, raising a further €0.6m through convertible loan financing.
The cash will be used to increase marketing activity and to support the increase in VIP players the operator has acquired since its recent re-design.
The financing is part of the operator’s third funding round, having raised €4.3m since its launch in 2016. A convertible loan sees investors provide a loan – the accumulated interest, along with the loan itself, are converted into stock once the share emittance has occurred.
Codeta chairman Edward Ihre, said: “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.
“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.”
