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PlayStar to receive $15M equity investment from Meyer Global Management – Yogonet International
PlayStar Gaming Group AB announced Wednesday it is bolstering its US expansion plans by having executed a letter of intent with Meyer Global Management that outlines a $15 million equity investment into its future growth.
Being one of the newest Online Gambling operators in the United States, PlayStar has made “a flying start” in its five months of operation in New Jersey “by exceeding all major KPI forecasts and already competing against its peers in this market,” according to the firm.
Having set out to provide an Online Casino experience with what the company calls “a heavy focus on personalization and player engagement,” PlayStar says it is already on the road to achieving its mission by leveraging real-time data to create tailor-made player journeys through predictive modeling.
“With strong performance since launch and a brand that stands out against the competition, PlayStar has caught the attention of Meyer Global Management, with the tech-focused investment firm putting its weight behind PlayStar in its endeavors by investing an eight-figure sum to fuel the company’s growth plans,” PlayStar said in a press release.
Meyer Global Management is focused on identifying companies at the forefront of innovation and believes “PlayStar has the potential to grow substantially in the US – something which MGM’s investment will expedite.” With PlayStar currently looking to expand its operations, the company will also use this investment to support its launch in Pennsylvania next year.
Per Hellberg, Chief Executive Officer at PlayStar, said: “PlayStar is delighted to welcome Meyer Global Management as a shareholder in our business. MGM’s confidence in PlayStar to provide $15 million to support us in a time of such economic uncertainty says a lot about PlayStar’s performance over the past few months.”
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“While several Online Gambling sites have been forced to cease operations in the past year, we’ve surpassed our initial forecasts and are well-positioned for further expansion. The funding from Meyer Global Management will enable us to build on this initial success as we grow our New Jersey operation and look to launch PlayStar in Pennsylvania,” he added.
Owen E. H. Meyer, Chief Executive Officer at Meyer Global Management, also commented: “Meyer Global Management is an investment firm focused on identifying innovative technology companies that have long-term sustainability to deliver strong returns for our investors.”
“What we’ve seen from PlayStar since it debuted in New Jersey a few months ago is very impressive and I believe that with our support, the Company has the potential to be just as popular when it goes live in Pennsylvania,” Meyer added. “PlayStar’s management is very experienced in this industry and we look forward to continued momentum in player acquisition and retention.”
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