SEED Innovations Limited has leapt at the chance to invest a further €450,000 in Leap Gaming, a developer of high-end 3D gaming applications.
The AIM-listed investment company, better known for investing in medical cannabis and health companies, is funding the investment from existing cash resources. It will participate in the latest funding round of Fralis, the parent company of Leap Gaming, taking its investment in Leap convertible loan notes to €741,641, (roughly £630,000). SEED also holds 47.06% of the total equity of Leap on an undiluted basis.
Leap, which is based in Israel, is a developer of high-end virtual sports, slots, and casino applications serving hundreds of gaming brands.
"This investment reflects our ongoing support of Leap Gaming and their team as they continue to challenge the gaming industry worldwide,” said Ed McDermott, the chief executive officer of SEED.
“The funding will further facilitate their development and movement towards a possible liquidity event with all options, including M&A [merger & acquisition] activity and a near-term public market offering, being contemplated. Although not a sector of core focus for SEED, this long-term investment that we have supported for some time is an important contributor to our net asset value, and with the growth Leap has seen and is forecasting to year end, we anticipate positive news flow and corporate development into 2022," McDermott said.