GeoComply has netted financial backing from two US private equity groups.
Both California-based Norwest Venture Partners and Texas-based Arctos Sports Partners have selected to invest in the geolocation security provider.
GeoComply is built on a proprietary data platform that handles more than one billion transactions per month across hundreds of millions of devices.
The company claims to service a growing total addressable market worth some $80bn across a variety of sectors, including fintech, streaming and identity management.
In gambling, the software can be used as a compliance tool to ensure end customers are situated within a regulated or licensed jurisdiction.
Its data additionally provides interesting insights on the betting habits of consumers, especially for online sports betting in US states such as Ohio and New York.
“In a time when society has serious questions about the security of the internet, our technology is focused on restoring digital trust,” said GeoComply CEO Anna Sainsbury.
Blackstone became the company’s first institutional investor some 18 months ago, while Norwest and Arctos have now been added to that portfolio.
Sainsbury said the additional support would allow GeoComply to explore broader markets, having already proven the concept in its core markets of regulated gaming and sports betting.GeoComply CEO Anna Sainsbury: “Our team is leveraging our technology to tackle the high-profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide.”
“Every division of our company is driven by a shared passion to address the evolving challenges facing our communities,” she continued.
“For example, our team is leveraging our technology to tackle the high-profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide.”
Norwest is a global growth equity investment firm that manages more than $12.5bn in capital. It invests primarily in profitable companies with exceptional growth potential and has supported more than 650 companies since its inception in 1961.
“GeoComply reflects Norwest’s continued focus on investing in businesses that help companies ensure mission critical compliance with regulations, manage risk, and avoid costly penalties,” said Norwest managing partner Jon Kossow.
Arctos, meanwhile, is a private investment firm dedicated to providing capital and liquidity to professional sports franchise owners in major sports leagues and organisations.
“A robust gaming environment depends on technology that prevents fraud, verifies identity and location, and ensures the safety and security of its users as well as adherence to all relevant laws and regulations,” said Arctos partner Chad Hutchinson.
Earlier this week, GeoComply SVP John Pappas joined Ryan Butler on the inaugural edition of the iGaming NEXT America podcast.
