Affiliate Better Collective has raised SEK 312m ($32.8m) through a directed share issue of four million new shares, earmarking the figure for future M & A activity.
At a price of SEK 78 per share, the directed share issue entails a dilution of approximately 9% of the number of shares and votes in the company.
The affiliate said the subscription in the issue was significantly oversubscribed due to the high demand from Nordic and international, institutional investors.
Bettor Collective praised the result of its US and Swedish acquisitions in its Q3 report. Revenue for the quarter grew 54% year-on-year to €17.1m
The company’s new depositing customers exceeded 85,000 for Q3, up 27%.
Better Collective CEO Jesper Søgaard said: “I am very pleased to see the broad-based interest from both current and new shareholders wanting to invest in our further growth. Better Collective has completed seven acquisitions at a total value greater than €125m since the IPO in June 2018.
“The proceeds from the transaction allow us to continue the growth path including M & A, which we believe has contributed significantly to Better Collective’s performance.”