Codeta raises €600,000 in third funding round
13 March 2018
(PRESS RELEASE) -- Codeta, the live table games pioneer, has completed its latest funding round, raising €600,000 through convertible loan financing.
The cash injection will be used to ramp up marketing activity and to bankroll an uptick in VIP players that the operator has acquired since its recent redesign.
This is part of the operator's third funding round, having raised €4.3 million since its launch in 2016, and will be completed with a subsequent share issue later in the year.
A convertible loan sees investors provide a loan and the accumulated interest, along with the loan itself, are converted into stock once the share emittance has occurred.
Codeta Chairman Edward Ihre said, "Codeta's latest funding round will enable us to increase our marketing activity and to drive awareness of the brand among more players in regulated markets around the world.
"Following our redesign at the back end of last year, we have seen an increase in VIP players, so we will also use the cash injection to bankroll their wagering activity.
"We have big plans for 2018, which will include another, larger funding round later in the year as we look to cement Codeta's position as undisputed leader in live casino."
Codeta has carved out a name for itself as a pioneer and leader in live table games, but also has a selection of other table games and slots from NetEnt, Play'n GO, Aristocrat, Novomatic, NextGen, Microgaming and others.
Its live dealer products are supplied by the likes of Evolution Gaming, NetEnt and Authentic Gaming. The site is available on desktop and has also been optimized for play on mobile and tablet devices, both Android and iOS.
The name Codeta is a take on the French phrase coup d'état, with the site kick-starting a revolution against the current status quo of the online casino industry.