Gaming Innovation Group (GiG) has raised €4.7 million through a direct share issue to Hong Kong-based investor Hatcher Global, reinforcing its financial base and supporting its growth ambitions.
The move saw the issuance of 8 million new Swedish Depository Receipts (SDRs), priced at SEK 6.41, matching GiG’s closing price on Nasdaq First North as of June 5. The transaction represents a 5.6% dilution, bringing GiG’s total SDR count to over 136 million.
Strengthening the Balance Sheet and Accelerating Projects
According to the company, proceeds from the share issue will go toward improving its balance sheet, backing fresh commercial opportunities, and funding ongoing development. GiG emphasized the timing of the deal, citing recent momentum in trading activity and new business opportunities.
By opting for a targeted placement rather than a broader rights offering, GiG said it was able to act more swiftly, reduce costs, and bring a new strategic investor on board.
Strong Q4 Drives Confidence
The capital raise follows a solid end to 2024, with GiG Software – now operating as a standalone entity – locking in €16 million in new contract value in Q4. That includes a key renewal with Betsson AB and six new client wins. These deals pushed Annual Recurring Revenue up 34% to €33 million, putting the company on track to hit its 2025 targets of €44 million in revenue and at least €10 million in adjusted EBITDA.
GiG will use the fresh capital to drive product innovation. Plans include launching SweepX, a social sweepstakes casino platform, as well as continued upgrades to its CoreX platform, SportX sportsbook, and AI-driven tools LogicX and DataX.
Key Hires Signal Growth Intent
To support this next phase, GiG has bolstered its commercial team with two senior hires. Andy Kelly joins as head of partnerships after nearly 20 years with Sports Information Services (SIS), while Mitchell Harrison comes on board as business development director for SportX. He brings experience from SBTech, DraftKings, and Genius Sports.
“These hires show our intent to accelerate our global partnerships and expand our reach,” said Andrew Cochrane, chief business officer at GiG. “With our tech delivering strong results in both mature and emerging markets, this strengthens our ability to scale.”
Kelly expressed enthusiasm for the opportunity, highlighting GiG’s advanced tech offering and focus on ROI for clients. Harrison, familiar with GiG’s leadership from previous roles, said the company’s sportsbook platform was built to deliver high-margin tools and adaptability across markets.
