Scout Gaming Group nets SEK36m from latest share issue

Swedish DFS provider Scout Gaming has raised SEK36m (£2.9m) through two directed share issues totalling approximately three million shares.

The issuance of 1,330,362 shares through an accelerated “book building” procedure was agreed by Scout’s board of directors in May 2019, generating SEK16m.

A second directed share issue of 1,638,750 shares was made to existing shareholders Tekkorp Holding LCC and institutional investment body Topline Capital Partners, netting the company SEK20m in new investment.

In order to facilitate the execution of the share issue, the new shares have initially been subscribed for by ABG Sundal Collier AB at a price corresponding to the shares’ quota value. The share price was set at SEK12 per share in both cases.

Swedish gaming company Enlabs has been confirmed as one of the new investors, choosing to do so through one of its subsidiaries. Existing shareholders Provobis and Knutsson Holding are also understood to have made additional share subscriptions.

The total number of shares in the company will amount to 17,502,567 following the registration of shares issued.

Scout Gaming Group CEO Andreas Ternström confirmed the business has undertaken an intensive launch phase over the last six months.

“We have been approached by strategic investors who are important to the company and are pleased to be able to execute this transaction,” said Ternström.

“With the transactions, we have financial flexibility and room for strong growth over the next years,” he added.

Scout Gaming received a $1m investment from former NYX chief Matt Davey’s VC firm in June 2019.

In November, Scout Gaming reported a Q3 revenue rise of 125%, with revenues hitting SEK8.1M (£642k).