The funding, which will increase by up to £4m under certain conditions, will be used to pursue opportunities to supply FSB’s sports betting and online gaming services in regulated markets.

Clairvest’s financing of FSB marks its 54th platform investment and 13th in the gaming space.

David McDowell, Co-founder and CEO of FSB, said: "Clairvest’s growth capital investment in FSB is an important milestone for our company.

"Beyond capital, Clairvest’s deep industry knowledge in the gaming space will be instrumental in supporting our team as we embark on an aggressive growth plan in our existing markets as well as new geographies."

Michael Wagman, President of Clairvest, said: "We are excited to back FSB’s Co-founders and partner with proven and strongly aligned gaming entrepreneurs."