The popular, multi-award-winning iGaming business founded in Malta in 2018 by industry veterans Dan Andersson and Jörgen Nordlund Glitnor Group has announced the launch of a new venture capital arm. Glitnor Venture is a fresh division expected to help the group turn into “the most entrepreneurial and fastest growing business group” part of the industry, as explained by the company’s chief executive officer David Flynn.
Glitnor Group Will Leverage the Network of Divisions and Investment Areas
The group already hosts important names like happy Casino, Swintt, and Lucky Casino among other trustworthy brands. The newly created division was necessary to help Glitnor Group leverage its investment areas and network of divisions. Investments in top affiliate businesses such as Time2Play and KaFe Rocks were first on the list of interest for the newly founded venture capital arm. The KaFe Rocks acquisition has been on Glitnor Group’s list since the beginning of the year.
Nonetheless, earlier this week, Glitnor Group announced the two parties amicably called off their acquisition plan. Both companies took their time and pondered the decision wisely. In light of the current conditions in the iGaming market triggered by the war in Ukraine and the aftermath of COVID-19, they agreed that “now is not the time to fully complete the acquisition”. At the same time, KaFe Rocks and Time2play.com will keep being managed by KaFe Rock’s founding members. Also, Glitnor Group will continue to be an important shareholder in both companies while promoting the same “close, professional, and friendly” relationship with KaFe Rocks.
The newly created Glitnor Ventures holds interests in RNGPlay, a game development studio in India.
Glitnor Ventures to Help the Group Work with Innovative Projects
Speaking about Glitnor Venture, CEO Flynn explained the goal for founding the new division is to “work with innovative projects from pre-seed to seed and support” across the entire plethora of products, services, and technology part of the complex iGaming industry. Flynn spoke about Glintorn Group as an “early-stage investor” eager to provide its expertise and bring its support from its networks on the market.
The group which counts more than 200 members located in Bulgaria and Malta has managed to score a +100% year-on-year growth since its foundation. The group’s business is also present in the European and North American markets. With the help of its proven track record of creating and growing powerful brands and harnessing culture and top work environments, Glitnor hopes to become a world leader and completely change the face of lead generation, operators, and gaming studios.