Meyer Global Management invests $15m in PlayStar
To further US growth, the tech-focused investment fund provided the company with a significant cash injection.
PlayStar Gaming, an online operator, has seen its US expansion plans bolstered with news that Meyer Global Management intends to make a $15m equity investment into its future growth.
One of the newest online gambling operators in the US, PlayStar has made a flying start in its five months of operations in New Jersey by exceeding all major Key Performance Indicator (KPI) forecasts and already competing against notable peers in this market.
PlayStar’s stated company-wide mission is to increase personalization and player engagement. The group plans to use this investment to support its launch in Pennsylvania in 2023.
PlayStar CEO Per Hellberg commented: “PlayStar is delighted to welcome Meyer Global Management as a shareholder in our business. MGM’s confidence in PlayStar to provide $15m to support us in a time of such economic uncertainty says a lot about PlayStar’s performance over the past few months.
“While several online gambling sites have been forced to cease operations in the past year, we’ve surpassed our initial forecasts and are well-positioned for further expansion. The funding from Meyer Global Management will enable us to build on this initial success as we grow our New Jersey operation and look to launch PlayStar in Pennsylvania.”
PlayStar has over forty employees and has offices in New Jersey, Gibraltar, Malta and Sweden.
Meyer Global Management CEO Owen E. H. Meyer added: “Meyer Global Management is an investment firm focused on identifying innovative technology companies that have long-term sustainability to deliver strong returns for our investors.
“What we’ve seen from PlayStar since it debuted in New Jersey a few months ago is very impressive and I believe that with our support, the Company has the potential to be just as popular when it goes live in Pennsylvania.
“PlayStar’s management is very experienced in this industry and we look forward to continued momentum in player acquisition and retention.”
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