Monday February 3,2014 : REAL MONEY GAMBLING APP DEVELOPER RAISES $1.7 MILL IN CAPITAL
CashBet to use the money to build a platform for use by social and mobile game developers.
Oakland, California-based CashBet has raised $1.7 million in angel funding for its plans to build an Alderney-licensed online gambling platform that enables developers to bring real-money gambling into their social and mobile games.
In similar fashion to San Francisco-based Betable, the idea is to free up game developers to get on with what they do best, leaving the complex business of sorting out player registration, regulatory compliance, AES encryption security, anti-fraud operations, age and identity verification, and banking to a purpose built platform.
FWH Holdings and private investors are the main funders in the current round, reports VentureBeat, noting that Cashbet has already achieved licensing by the Alderney Gambling Control Commission to develop its online gambling platform for deployment in Europe.
Cashbet recently inked a partnership content agreement with California game developer Gamzio Games and has been in existence for just over a year. It raised $200,000 in its first round of financing and currently employs seven people.
CEO Mike Reaves has previous experience with CyberArts and MondoBox, VentureBeat reports, adding that the company is currently in private beta testing, with its software development kit available to HTML5 and iOS developers.
Reaves said that his goal is to build a trusted brand for mobile game developers, and bridge the gap between social/mobile play and online gambling.