Xpoint has announced a new multi-million dollar round of investment funding that is set to support the company’s growth in the USA, Canada and worldwide. The technology business specializes in geolocation services for sports betting, iGaming and daily fantasy sports operators in North America.
The company welcomed Acies Investment, The Raine Group and SuRo Capital sports as new investors, joining existing ones such as Bettor Capital and Courtside Ventures, both of which have increased their investment as part of this new funding round. As part of this latest move, David VanEgmond, Managing Partner of Bettor Capital, will join the company’s board of directors.
Marvin Sanderson, CEO and Co-founder of Xpoint, said in a press release: “This news comes at an exciting stage of our growth and development, and these new funds will serve to accelerate our efforts to service the regulated North American online gambling market.”
Sanderson pointed out the company is now live in both New Jersey and Ontario, with “multiple partners using Xpoint Verify, our real-money gaming product, to fulfill their geolocation needs.” Additionally, Xpoint Lite, a product designed specifically for daily fantasy sports operators, is live across the US with multiple partners, “with more being added every week,” he noted.
David VanEgmond commented: “We’re thrilled to double down on our support of XPoint as the company accelerates their product roll-out. We know how critical regulatory and compliance technology is in this industry, and have seen how XPoint’s best-in-class software provides significant value to its sportsbook and casino operator clients.”
Xpoint was founded in 2019 and officially unveiled in Las Vegas in 2021. It was recently nominated for two 2022 SBC North America Awards. It has North American offices in Toronto and Miami, and aims to change the global geolocation market by bringing innovation to an industry that has, to date, "viewed geo-compliance as a utility, not a new business opportunity."
"We are excited to partner with Marvin and the Xpoint team who have created an exceptional geolocation platform that addresses mission-critical services and provides valuable customer insights to the online gaming industry," added Dan Fetters, Co-Founding partner and Co-CIO of Acies Investments. "We firmly believe Xpoint delivers truly valuable, differentiated technology to its clients.”