GameAccount Network raises euro 1.5 million in additional funding

Dermot Smurfit’s simulated remote gaming technology firm GAN has announced that it has been successful in raising a further GBP 1.3 million in investment capital through the placement of 3.25 million ordinary shares at 40p each with Dermot Desmond’s IIU.

The sale represents 4.6 percent of the enlarged issued share capital of the company, in which Desmond’s IIU is already a major investor.

GAN said it plans to use the net proceeds to accelerate product development and new client delivery following a surge in US corporate demand for its product.

CEO Smurfit said: “Additional capital allows us to accelerate the development of our technical capability to deliver the product requirements of our growing list of corporate clients and bring new clients online.

“The positive and unexpected surge in US corporate demand for GAN’s unique services requires increased delivery capability.”