Codeta raises more capital

Live dealer pioneer and casino operator Codeta has reported completing its latest funding round, in which it raised Euro 600,000 through convertible loan financing.

The cash injection will be used to ramp up marketing activity and to bankroll an uptick in VIP players that the operator has acquired since its recent re-design.

This is part of the operator’s third funding round, having raised Euro 4.3 million since its launch in 2016, and will be completed with a subsequent share issue later in the year.

A convertible loan sees investors provide a loan and the accumulated interest, along with the loan itself, are converted into stock once the share emittance has occurred.

Codeta chairman Edward Ihre, said: “Codeta’s latest funding round will enable us to increase our marketing activity and to drive awareness of the brand among more players in regulated markets around the world.

“Following our re-design at the back end of last year, we have seen an increase in VIP players so we will also use the cash injection to bank-roll their wagering activity.

“We have big plans for 2018, which will include another, larger funding round later in the year.”