GeoComply Secures Minority Funding from Norwest and Arctos
The new funding is expected to facilitate GeoComply's expansion into new verticals
Provider of geolocation technology services GeoComply has secured minority investments from Norwest Venture Partners and Arctos Sports Partners to support continued growth in its core markets and expansion into financial services and media rights management.
Gaining Investor Trust
The minority investments made by funds managed by Norwest and Arctos came 18 months after GeoComply had attracted the interest of Blackstone as the firm’s first institutional investor, signaling investors’ trust in GeoComply’s business model.
Commenting on the development, Anna Sainsbury, co-founder and CEO of GeoComply, outlined that the new funding will accelerate the entry of the company’s Ground Truth Geolocation platform “into broader technology markets,” providing these industries with “the level of reliability and credibility” offered to partners operating in the regulated gaming and sports betting sectors.
“Every division of our company is driven by a shared passion to address the evolving challenges facing our communities,” Sainsbury continued, pointing to the company’s efforts to leverage technology and address compliance failures in the cryptocurrency landscape that have already taken its toll on millions around the world.
Outlining GeoComply’s “natural alignment with the teams at Norwest and Arctos,” Sainsbury believes that GeoComply can quickly develop its business in markets where its new investors are present.
The New Investors
A global, multi-stage venture and growth equity investment business, Norwest manages more than $12.5 billion in capital and funded more than 650 companies since its inception, providing support to profitable businesses that can demonstrate growth potential.
“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 managing partner at Norwest Jon Kossow, looking forward to supporting GeoComply’s expansion “into financial services, crypto, and other verticals.”
As a private investment platform, Arctos provides growth capital and liquidity solutions to professional sports franchise businesses across major North American leagues and global sports organizations, as well as sports ecosystem technology and services providers.
Chad Hutchinson, Partner at Arctos, outlined the leading role GeoComply plays in delivering essential technology “that prevents fraud, verifies identity and location, and ensures the safety and security of its users” and adherence to laws and regulatory regimes.
“We are thrilled to partner with Anna and the team at GeoComply as they expand operations and bring their technology to new geographies and markets,” Hutchinson concluded.
Uniquely positioned at the nexus of fintech, streaming, and identity management verticals, GeoComply offers a comprehensive solution to address compliance, fraud, risk management, and digital identity business needs.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
