Bragg Gaming Group nets $8.7m capital injection
Supplier handed funding boost by Lind Global Fund II as it looks to capitalise on recent positive financial performance
Bragg Gaming Group has secured a $8.7m capital injection via a new funding agreement with New York-based investment vehicle Lind Global Fund II.
The funding will come in the form of a $8.7m convertible security, with a face value of $10m.
The group will receive net proceeds of around $8.2m from the funding after fees.
Bragg will be able to repay the funding via cash or the conversion of common shares.
Lind was founded in 2011 and has completed more than 100 direct investments totalling more than $1bn in transaction value.
Yaniv Sherman, Bragg CEO, thanked Lind for supporting the supplier in the next stage of its growth and noted where the new capital would be used.
Sherman said: “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.
“This investment provides capital we intend to deploy in a return-focused manner, to further strengthen our foundation for continued top line and cash-flow growth,” he added.
Phillip Valliere, Lind Partner MD, said: “Lind is extremely excited about its investment in Bragg. We look forward to working with Bragg’s high-calibre management team as it further expands and penetrates new key gaming markets while continuing to drive profitability.”
Last month, Bragg reported a 65.6% year-on-year (YoY) Q2 2022 rise in gross profit to $11.9m, while adjusted EBITDA leapt 62.9% YoY to $3.2m.