Europe-based venture capital fund Vereeni Investments has made a seven-figure in prediction-based fantasy sports operator Nostragamus as it further expands its growing portfolio of gaming assets.
The deal will see Vereeni take a significant stake in Nostragamus in return for the seven-figure sum. Incorp Advisory, a Mumbai based investment bank, was the lead advisory and Assentio Legal, led by partners Rohan Cherian and Renu Gopalakrishnan, were the legal advisers for the transaction.
The total amount invested by Vereeni or the stake picked up by the fund were not revealed in the company’s press release.
Nostragamus operates a popular mobile application which has been downloaded more than 5 million times and adds over half a million new downloads every month.
The fantasy gaming app allows players to answer questions and predict results across a range of sports including cricket, football, basketball, tennis, badminton and kabaddi, with the chance to win real-money prizes.
“We have chosen to make a significant investment in Nostragamus because we are hugely impressed by its team and the speed at which it has scaled. India is an exciting market for the gaming industry, and Nostragamus’ innovative marketing and world-class product proposition places it at the head of the field,” Timothy John Heath, founder and CEO of Vereeni Investments said.
“This investment from Vereeni will not only help us accelerate our growth, but also give us access to an unparalleled network of international igaming expertise. We are thrilled to join the Vereeni network and look forward to further pushing forward the fantasy sports vertical over the coming months and years,” Yashashvi Takallapalli, CEO of Nostragamus said.
Vereeni’s 100 million Euro ‘Level Up’ fund has made investments in several other promising early-stage ventures in the fintech, online gaming, business intelligence and blockchain sectors.