The Polish national gambling operator, Totalizator Sportowy, and the US-based venture capital (VC) company, ffVC, agreed to open and finance the gambling-focused startup accelerator in Poland. Both sides see this direction as the prospective one and hope to grow a few firms that will be competitive in the international market. Login Casino analyses the latest financial news and explains why such an investing initiative can be profitable.
The startup accelerator phenomenon is simple enough for understanding - experienced people and powerful corporations are ready to help young and active persons to enter the business area. There are plenty of incubators and accelerators across the globe that give a hand to passionate but inexperienced individuals and help reach business goals faster. The next step in this sphere was a narrower focus of activity, which now came to the gambling sector.
Not surprisingly that the Polish gambling monopolist and growing US VC company decided to unite their forces in this sector. Logically, the acceleration location will be mainly in Poland, which means that startups from the rest of East European countries can join the program in the nearby region.
According to the announcement, both sides agreed to invest a minimum of $250 000 during a few upcoming years. However, they are also ready to increase this sum up to $4 million if needed.
What will be the participation of the sides in the process?
Logically, ffVC will be the financial-support side of the process and agreed to invest in the project via multiple tranches and depending on the results and perspectives. Simultaneously, Totalizator Sportowy takes the organizational role, and participants will benefit from the firm's network and experience in the sector.
Among the notable aspects to mention is the desire of ffVC to grow firms that can work on the American market. As the gambling industry is gaining momentum in the US, the VC firm is looking to have software providers that can deal with the growing demand.