Mobile gambling technology provider Mfuse has raised £2.55 million through a round of fundraising. Most of the proceeds come from Internet gambling pioneer Mark Blandford, who joins the company as non-executive director.
Blandford's investment in the company totals £1.55 million. Mfuse says Blandford's appointment to its board of directors will provide the company with access to Blandford's "significant knowledge of and contact base in the gaming industry."
“Mobile functionality is still in its infancy and there is a very significant opportunity available to those with the technology and vision to facilitate the inevitable expansion of services and applications," said Blandford. "Mfuse have the fundamentals in place and I look forward to working with their team in this crucial period of their corporate development.”
Bestport Ventures LLP, the original investors in Mfuse, have injected an additional £850,000 into the business.
Mfuse says the new funding will provide working capital to expand its product offering and geographical reach. Specifically, part of the new capital has been allocated for further development and marketing of its mobile casino. At present, sports betting through blue chip partners such as Ladbrokes, Sportingbet, Bet365, Stan James and Paddy Power represent the bulk of the company's business.