Malta-based venture capital fund Vereeni Investments confirms that it has undertaken a six-figure investment backing new online lottery brand Megalotto, an enterprise seeking to ‘redefine the online lottery experience‘.
Megalotto recently revealed that it had secured a Malta MGA licence, as online lotteries newest incumbent begins its expansion plans across European markets.
Built on the Gaming Innovation Group (GiG) platform, Megalotto is led by an executive team consisting of former William Hill, PaddyPower, Betfair, Betsson and GiG senior management.
Timothy John Heath, founder and CEO of Vereeni Investments, said of the investment: “Megalotto’s customer-centric attitude is what really stands out to us as Vereeni shares those important values.
“In addition to providing an attractive interface, they want to take the customer on a journey, moving away from more traditional, transactional lottery products. We hope this relationship will be the start of many exciting projects together.”
A specialist in igaming investments Vereeni previously partnered with MA brokerage RB Capital undertaking a six-figure investment Green Jade Games, a deal which saw the two investors acquire a significant stake of the game’s developer
Moving forward, Megalotto leadership stresses that firm has “invested heavily in creating a clean, simple and slick front-end product to rival the world’s leading lotteries,” with the entity offering its own lottery concepts, in addition to slots, scratchcards and instant win content.
Grant Williams, CEO of Megalotto, added: “We are delighted to be receiving a significant investment from Vereeni Investments and to be able to tap directly into their vast gaming knowledge and wide-reaching network.
“We are in regular contact with the Vereeni team, and together are forming an exciting plan for how we are going to be a disruptive force within the online lottery sector.”