Glitnor launches venture capital arm after KaFe Rocks acquisition falls through
Glitnor Ventures will have an initial focus on the recently announced investments in affiliate businesses KaFe Rocks and Time2Play – which is itself a KaFe Rocks brand – while the division also holds an interest in Indian-based game development studio RNGPlay.
The group also counts Lucky Casino, Happy Casino and Swintt among its portfolio of brands.
Chief executive David Flynn said the venture capital arm would work with early-stage startups providing products, technology or services in any verticals within the igaming sector.
“Glitnor Group has always been very open about its ambitions to become the most entrepreneurial and fastest growing business group in the igaming industry and the creation of Glitnor Ventures is another step in this direction,” he said.
“Our goal with Glitnor Ventures, is to work with innovative projects from pre-seed to seed and support across the entire scope of products, technology and services across the igaming spectrum.
“We are primarily an early-stage investor and add support from our expertise and network in the igaming space.”
Glitnor-KaFe Rocks acquisition
The announcement comes after Glitnor Group earlier this week said it would not proceed with a planned full-scale acquisition of affiliate business KaFe Rocks Group as the two companies mutually agreed not to go forward with the deal.
In February, the group reached an agreement to acquire KaFe Rocks, but the businesses “mutually and amicably” decided not to complete the transaction.
Glitnor said given current market conditions, it agreed with KaFe Rocks that “now is not the time to fully complete the acquisition”.
As a result, KaFe Rocks and the Time2play.com brand will continue to be managed by KaFe Rocks’ founding members and leadership team on a day-to-day basis. However, the Glitnor Group will remain a significant shareholder and continue to have a close, professional and friendly relationship with KaFe Rocks.