Securing funding is a key stage for many burgeoning iGaming businesses however, not all investments are made the same.
At SBC Summit Lisbon, companies detailed their journey with Xanada Investments, a fund focused on startups in the gambling industry.
“The best part about it is that it is more than a transactional relationship, it’s more like a partnership,” explained Daniel Mitton, Co-Founder of Sweepium, a platform provider for the sweepstakes industry.
“It isn’t the fact that they bring money to the table, let you loose and do your own strategy. It’s the fact that they bring third-party tools, their own network and their own personnel to make sure you can grow as a facilitated partnership.”
Hanna Rai, CEO of Bettorify, also praised the support that the company has received on its project, especially from Xanada’s CEO and Managing Partners, Vladimir Malakchi.
Overcoming hurdles and looking to the future
During the interview, Mitton also detailed how Sweepium is facing the regulatory headwinds that are currently impacting the future of the sweepstakes industry.
He said: “The fact that we do dual liability from a white label perspective is very unique to the marketplace. We’re known as the merchant of record, also the operator of brands, so the brands are coming on as the ultimate beneficiary.
“It’s a dual partnership in this landscape, so we facilitate the legal and compliance aspects to make sure that we’re on top of any single change in the market.”
Also present was Promofy, a no-code gamification suite that received a strategic first round of investment from Xanada in June 2024.
The company’s CEO and Co-Founder, Irakli Davarashvili, explained how AI is shaping the future roadmap of Promofy’s solutions.
“AI is a big topic right now. We have introduced the first AI promotion generator. So in one click, you can generate all the logic, all the gamification, and all the experiences for the customers. So it’s a big breakthrough,” he outlined.
