Lind Global Fund enters $8.7m investment deal with Bragg Gaming
The funds will aid the Canadian company in its global expansion plan.
Bragg Gaming Group has signed an investment agreement with Lind Global Fund for $8.7m. Lind Global Fund is an investment entity that is managed by the New York-based fund manager, The Lind Partners.
After fees, Bragg will receive close to $8.2m from the funding. Face value of the investment will be $10m with a 24-month maturity date. Funds can be converted into common shares or paid in cash at a conversion price that is equal to 87.5% of the five-day volume weighted average price.
Bragg Gaming Group Chief Executive Officer Yaniv Sherman commented: “We highly appreciate the confidence demonstrated by Lind and we are excited about the opportunity this growth capital affords Bragg.
“For more than a decade, Lind has demonstrated a tremendous record of success supporting growth companies and we are confident that Bragg is well positioned to further deliver on our strategic initiatives.”
Sherman went on to add that Bragg’s continued growth in the iGaming industry has remained a company focus.
He said: “Importantly, since the beginning of 2021, our focus on enhancing our proprietary content development capabilities and our continued expansion into new regulated iGaming markets, including North America, has driven a significant increase in Bragg’s revenue as well as margin expansion, which has resulted in strong adjusted EBITDA growth.”
Bragg Gaming operates in Nevada through its subsidiary, Wild Streak Gaming, which offers its portfolio of casino games to land-based, online and social media casino operators throughout the US and the UK.
Through Spin Games, Bragg is now live in four states, including Connecticut, New Jersey, Pennsylvania and Michigan. The company plans future exclusive game rollouts in additional US states later this year via its proprietary Atomic Slot Lab studio and from third-party sources.
The Lind Partners Managing Director Phillip Valliere said the company looks forward to teaming up with Bragg through its investment. Valliere commended Bragg for its global expansion efforts.
He said: “Lind is extremely excited about its investment in Bragg. Bragg has rapidly grown its gaming technology businesses and continues to expand its footprint, globally.
“We look forward to working with Bragg’s high-caliber management team as it further expands and penetrates new key gaming markets while continuing to drive profitability.”
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