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LeoVegas has divested its 25% shareholding in social gaming start-up BeyondPlay.

The operator made a 73% return on its investment in less than two years, having completed the sale of its stake for €1.9m.

A portion of the stake was acquired by US venture capital firm Bettor Capital.

The news was announced alongside LeoVegas’ Q4 2022 results this morning (16 February).

LeoVegas originally invested in BeyondPlay via its LeoVentures incubator arm, which specialises in strategic investments and portfolio companies with global potential.

The company was still known as SharedPlay at that time.

LeoVegas CEO Gustaf Hagman said the divestiture was testament to LeoVenture’s ability to drive growth and value creation.

He added: “It has been truly incredible to watch BeyondPlay grow from an idea to a leader in its industry niche over the last two years.”

BeyondPlay was founded in 2020 by former LeoVegas exec Karolina Pelc with the intention to transform solo gaming sessions into multiplayer entertainment experiences via streaming.

LeoVegas CEO Gustaf Hagman: “It has been truly incredible to watch BeyondPlay grow from an idea to a leader in its industry niche over the last two years.”

“Karolina and her team have done an impressive job, and I know they are just getting started,” said Hagman.

“We look forward to maintaining our valued partnership with BeyondPlay and wish them all the best in their continued growth.”

New investor Bettor Capital was founded by former FanDuel head of strategy David VanEgmond. The firm has invested in several gaming start-ups to date, including AI provider Future Anthem, geolocation specialist Xpoint and tech provider Boom Entertainment.

“LeoVentures has been a fantastic acceleration partner for BeyondPlay, and we are grateful for the support received from the early days to date,” said Pelc, who is also CEO of the company which boasts an all-female C-level executive team.

“We remain committed to a successful commercial partnership with LeoVegas and are excited for the next chapter of our journey.

“Looking to the future, securing the backing of such a prominent VC firm as Bettor Capital, among other hugely significant strategic industry investors, as part of a larger fundraising effort, is a powerful statement on our company’s growth trajectory,” she added.

Pelc said more details would be announced soon, with BeyondPlay currently in the process of obtaining a licence from the UK Gambling Commission.

The business also earned a B2B Critical Supply Licence from the Malta Gaming Authority in December 2022.

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