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GiG seeks growth chances by issuing two convertible loans
Gaming Innovation Group (GiG) has supplied a subordinated convertible loan to two Nordic investment funds which is set to be utilised to ‘expedite revenue generating activities and enhance future growth’.
The loan amounts to a total of €8.5 million and has been issued to Formue Nord A/S and Symmetry Invest A/S. It comes as GiG is seeking to reinforce its cash position and capitalise on new growth opportunities that have presented themselves.
Richard Brown, CEO of GiG, said in a statement: “Over the last 12 months GiG has simplified our business around our core B2B offering with significant growth in revenue and EBITDA for the first 9 month of 2020. As we are seeing continued expansion opportunities in all our 3 business segments we wanted to strengthen our cash position to be able to take advantage of those opportunities. We are happy that GiG is now in a place where we can attract capital from institutional investors on competitive terms to accelerate the business further.”
The platform provider claimed that the funds will be used in the support of the development of its omni-channel offering using a strict capital allocation framework.
Additionally, the funds will also be used to ‘increase the long term speed to market’ which in turn will help simplify its sales operations. This will give the platform provider a chance to strengthen its paid media offering as well as offering the ‘potential to act in the M&A space within the Media Publishing department’.
Rasmus Viggers, CIO of Formue Nord, also stated: “We have been following GiG for a while and have been impressed by the progress in the business over the last year. We are happy that we are able to support GiG with a flexible finance solution that is setting GiG up for further growth in the years ahead.”
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