PlayStar to receive $15m Meyer Global Management equity funding
PlayStar has executed a letter of intent with Meyer Global Management (MGM) that outlines a $15m equity investment into its future growth.
PlayStar noted that it has caught the attention of Meyer Global Management, with the group enjoying a ‘flying start in its five months of operations in New Jersey.’
The tech-focused investment firm has now put an eight-figure sum behind the online casino brand to fuel its growth plans. PlayStar stated that it will use the investment to support its launch in Pennsylvania next year.
“PlayStar is delighted to welcome Meyer Global Management as a shareholder in our business,” said PlayStar CEO Per Hellberg. “MGM’s confidence in PlayStar to provide $15m to support us in a time of such economic uncertainty says a lot about PlayStar’s performance over the past few months.
“While several online gambling sites have been forced to cease operations in the past year, we’ve surpassed our initial forecasts and are well-positioned for further expansion. The funding from Meyer Global Management will enable us to build on this initial success as we grow our New Jersey operation and look to launch PlayStar in Pennsylvania.”
PlayStar added that MGM is focused on identifying companies at the forefront of innovation, with the latter believing that the former has the potential to grow substantially in the US.
Meyer Global Management CEO Owen E. H. Meyer commented: “Meyer Global Management is an investment firm focused on identifying innovative technology companies that have long-term sustainability to deliver strong returns for our investors.
“What we’ve seen from PlayStar since it debuted in New Jersey a few months ago is very impressive and I believe that with our support, the company has the potential to be just as popular when it goes live in Pennsylvania. PlayStar’s management is very experienced in this industry and we look forward to continued momentum in player acquisition and retention.”
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