Xpoint takes on trio of new investors in latest funding round

Xpoint is set to receive an infusion of capital from a trio of new investors, with the geolocation tech firm announcing a multi-million-dollar funding round on September 28.

Participating in the round are Acies Investments, The Raine Group and SuRo Capital Sports, which join existing investors Bettor Capital and Courtside Ventures.

Both Bettor Capital and Courtside Ventures will be increasing their stake in Xpoint as part of the new investment, which will be used to further accelerate the company’s growth and North American footprint.

“These are exciting times for Xpoint,” said CEO and co-founder Marvin Sanderson. “We are now live in both New Jersey and Ontario with multiple partners using Xpoint Verify, our real-money gaming product, to fulfill their geolocation needs.

“Additionally, Xpoint Lite, our product designed specifically for daily fantasy sports operators is live across the United States with multiple partners, with more being added every week.”

“We are excited to partner with Marvin and the Xpoint team, who have created an exceptional geolocation platform that addresses mission-critical services and provides valuable customer insights to the online gaming industry,” added Acies co-founding partner Dan Fetters.

As part of the new funding round, Bettor Capital managing partner David VanEgmond will be joining Xpoint’s board of directors.

“We’re thrilled to double down on our support of Xpoint as the company accelerates their product rollout,” said VanEgmond.

“We know how critical regulatory and compliance technology is in this industry and have seen how Xpoint’s best-in-class software provides significant value to its sportsbook and casino operator clients.”

Xpoint went live in Ontario in June with its first-in-market product via partner SkillOnNet before formally launching in the US last week with sports betting exchange Sporttrade.

Xpoint is providing its geofencing technology product, Xpoint Verify, to both platforms.