FSB secures £23m investment to power future growth

30 July 2019

Sports betting solutions provider FSB Technology has secured a £23m (€25.1m/$28.0m) growth capital investment from Canadian venture capital fund Clairvest Group, with the money to be used to pursue growth opportunities in regulated markets.

Clairvest, alongside its Clairvest Equity Partners V (CEP V) fund, has the option to invest a further £4m in the business, provided certain, undisclosed, conditions are met.

“We are impressed with FSB’s leadership, technology platform and tremendous growth track record to date,” Clairvest president Michael Wagman said. “Having spent over two years evaluating the sports betting space, we view FSB as a strong leader with a promising opportunity to expand into new regulated sports betting markets.

“We are excited to back the company’s co-founders and partner with proven and strongly aligned gaming entrepreneurs.”

FSB co-founder and chief executive Dave McDowell described Clairvest’s investment as “an important milestone” for the business.

“Beyond capital, Clairvest’s deep industry knowledge in the gaming space will be instrumental in supporting our team as we embark on an aggressive growth plan in our existing markets as well as new geographies,” McDowell explained.

FSB is Clairvest’s 54th platform investment and its 13th investment in the gaming space. The Clairvest Group fund also holds a stake in Gateway Casinos, a casino operator in Western Canada. CEP V, meanwhile, has made ten investments in total, including funding Illinois-based gaming terminal operator Accel Entertainment and Head Info Tech, operator of the Indian skill gaming platform Ace2Three.