Real money gaming platform Betable has raised $18.5 million (£11.5 million) through its first major institutional funding round.
The Series A capital will be put to work by expanding the company’s team and expanding into new geographies.
Through its offices in London and San Francisco, Betable provides the licensing, support and infrastructure needed by mobile and social game makers to integrate real money gaming.
Prior to the Series A round Betable had raised a seed round back in July 2012 when contributions came from Venture 51, Greylock Partners and Founders Fund as well as angels including Gil Penchina, Dave Morin and Arjun Sethi.
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Founders Fund partner Brian Singerman says that the main reason that the investor backing Betable was the company’s founder and CEO, Chris Griffin.
‘Nothing matters more than the entrepreneurs in the early stage investments, and we have tremendous faith in Chris and his ability to transform the gaming market,’ he adds.
Griffin comments, ‘This funding enables us to grow our team, introduce new features and support developers who are building on our platform.
‘Our goal is to remove all of the obstacles that impede developers from offering real money play, so that they can focus on what they do best: building great games.’
