Bragg Gaming receives $8.7m funding from Lind Global Fund II

Home » Bragg Gaming receives $8.7m funding from Lind Global Fund II

Lind Global Fund II, a New York-based investment entity, has agreed to fund Bragg Gaming for $8.7 million.
Lind Global’s funds will be used to carry out Bragg’s growth initiatives and expansion plans.
The funding agreement, however, will place limits on how much money Bragg can convert in any given month. This restriction restricts conversion to one-twentieth of total funds per month.

Lind Global will receive a warrant to purchase up to 979,048 common shares for CA$9.28 (US$7.07) per share for 60 months in addition to the funding.

“We highly appreciate Lind’s confidence, and we are excited about the opportunity this growth capital provides Bragg,” said Bragg CEO Yaniv Sherman.

“Lind has demonstrated a tremendous track record of success in supporting growth companies for more than a decade, and we are confident that Bragg is well positioned to further deliver on our strategic initiatives.”

“Our focus on improving our proprietary content development capabilities, as well as our continued expansion into new regulated iGaming markets, including North America, have resulted in a significant increase in Bragg’s revenue and margin expansion, resulting in strong adjusted EBITDA growth.”

“Lind is extremely excited about its investment in Bragg,” said Lind Partners Managing Director Philip Valliere.

“Bragg has rapidly expanded its gaming technology businesses and continues to expand its global footprint.” We look forward to collaborating with Bragg’s management team as it expands and enters new key gaming markets while maintaining profitability.”

Sherman was appointed CEO of Bragg Gaming in June after working for 888 Holdings for many years, and this funding could be an example of his early impact.