GeoComply has secured minority investments from Norwest Venture Partners and Arctos Sports Partners.
The geolocation security provider noted that the funds will be used to support its “continued growth in its core markets and help accelerate its expansion into financial services and media rights management.”
Through its Ground Truth Geolocation platform, GeoComply stated it can “fight fraud and ensure compliance” with a “differentiated and comprehensive solution that solves the growing needs for compliance, fraud, risk management, and digital identity.”
“In a time when society has serious questions about the security of the internet, our technology is focused on restoring digital trust,” remarked Anna Sainsbury, Co-Founder and CEO of GeoComply.
“18 months after bringing on Blackstone as our first institutional investor, we’re very excited to be working with Norwest and Arctos. With their added support we will take our Ground Truth Geolocation platform into broader technology markets, so these industries can also receive the level of reliability and credibility GeoComply has consistently delivered to our core regulated internet gaming and sports betting clients.”
“Despite a challenging tech environment, GeoComply has continued to invest and expand our product and services. Every division of our company is driven by a shared passion to address the evolving challenges facing our communities.
“For example, our team is leveraging our technology to tackle the high-profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide. We have big plans for 2023 and beyond, and continue to hire and expand as we bring our products and services to more markets and verticals.”
GeoComply’s newest investors – Norwest and Arctos – will support the provider in its next stage of growth in the financial services and media rights management space.
A global, multi-stage venture and growth equity investment firm, Norwest invests in companies that show exceptional growth potential. It manages more than $12.5bn in capital and has funded over 650 companies.
As a private investment platform, Arctos provides growth capital and liquidity solutions to professional sports franchise owners in major North American leagues, premier global sports organizations, as well as technology and services companies within the sports ecosystem.
“GeoComply reflects Norwest’s continued focus on investing in businesses that help companies ensure mission-critical compliance with regulations, manage risk, and avoid costly penalties,” commented Jon Kossow, Managing Partner at Norwest.
“Anna and David have built an impressive, profitable business serving the gaming and sports betting market, and we look forward to partnering with them as GeoComply expands into financial services, crypto, and other verticals.”
Chad Hutchinson, Partner at Arctos, stated: “A robust gaming environment depends on technology that prevents fraud, verifies identity and location, and ensures the safety and security of its users as well as adherence to all relevant laws and regulations.
“GeoComply is the leader in providing this essential technology. We are thrilled to partner with Anna and the team at GeoComply as they expand operations and bring their technology to new geographies and markets.”
Sainsbury added: “We have natural alignment with the teams at Norwest and Arctos. We can pivot quickly to develop our business in markets they collectively serve, while managing the needs of our existing customers by delivering new products and services.”