Betgenius parent receives £10m cash injection
Genius Sports Group secures multi-million pound investment from private equity firm Three Hills Capital Partners
Betgenius parent company Genius Sports Group is eyeing-up international expansion and strategic bolt-ons after securing a £10m investment package from private equity group Three Hills Capital Partners (THCP).
The investment will be made via a combination of debt and equity; £10m in debt as sole lender of the company and a minority equity position of circa 5%, with the funds used to help Genius Sports diversify its product range, bolster its international growth plans and finance strategic acquisitions.
The news comes just days after the supplier revealed it had restructured its business, having spun out its Sport Integrity Monitor division from Betgenius to create two standalone operations under the newly established parent company Genius Sports.
Genius Sports chief executive Mark Locke said the investment would help take his firm to “the next level” both at home and abroad.
“We have an aggressive growth strategy, which will see our business gain a stronger presence in a number of new territories and markets, including North and South America,” Locke said.
“We also have our sights firmly set on acquisition opportunities in addition to adding new products and clients to the portfolio.
“The investment from Three Hills Capital Partners allows us to meet our goals much faster than would otherwise have been possible,” he added.
THCP is a pan-European investment group and the firm’s founder Mauro Moretti said its investment showed its commitment to the UK market and confidence in Genius Sports’ potential in an increasingly regulated marketplace.
“The sector’s increasing regulation will with no doubt leave as winners the most internationally established and best technically prepared players such as Genius Sports Group, and create consolidation potential in the near future,” Moretti said.