Compliance software provider Compliable has completed a $3.6m seed extension round led by Bettor Capital, enabling the supplier to further strengthen its platform and expand the scope of its products and services for real-money gaming operators.
Bettor Capital’s investment marks the second funding round for the firm in the past year, following $1.7m seed funding secured in a round led by Chicago-based KB Partners.
In tandem with the funding announcement, Compliable has also confirmed the appointment of Carl Sottosanti, a fund advisor to Bettor Capital and former General Counsel of Penn National Gaming, to its board of directors.
The company will use the new capital to accelerate the delivery of key functionality and features to facilitate and speed up launches as sports betting and igaming continue their rapid expansion across the US. It also allows Compliable to expand its executive team with Justin Stempeck, former Director of Licensing at DraftKings, joining as Chief Strategy Officer.
CEO Chris Oltyan said: “Following discussions with our customers, prospects, regulators and industry contacts it became clear that our solution is timely and necessary, and we realized that expanding our engineering team was essential to keep up with the many feature requests.
“Additionally, with Justin to help navigate the compliance landscape, we’re positioned to grow exponentially in the coming year. We are also excited to partner with Bettor Capital who brings significant real-money gaming experience and has a deep focus on the software supply chain within the industry.”
David VanEgmond, Founder and CEO of Bettor Capital, stated: “With the ever growing complexity of licensing in the real-money gaming market, Compliable has quickly become an integral part of how companies process and maintain their regulatory compliance as they enter new markets.
“I know first-hand from my time as an executive at FanDuel how critical and resource-intensive it can be to comply with diverse gaming regulations on a state-by-state basis. Compliable’s technology makes this process easier and saves companies money, which we believe represents a great long-term value proposition for a software vendor to an exciting growth industry.”