GeoComply Wednesday announced it has secured minority investment funds managed by Norwest Venture Partners and Arctos Sports Partners. The investments will support the Vancouver, British Columbia-based geolocation security provider’s growth in secure markets and accelerate expansion into financial services and media rights management.
In a statement, GeoComply CEO Anna Sainsbury noted the investments come 18 months after the company secured Blackstone as its first institutional investor and will help the company in “restoring digital trust.”
“We’re very excited to be working with Norwest and Arctos,” Sainsbury said. “With their added support we will take our Ground Truth Geolocation platform into broader technology markets, so these industries can also receive the level of reliability and credibility GeoComply has consistently delivered to our core regulated internet gaming and sports betting clients.”
GeoComply’s Ground Truth Geolocation platform is a proprietary system that handles one billion transactions, across hundreds of millions of devices worldwide, every month. The platform addresses issues including compliance, fraud, risk management and digital identity.
GeoComply claims it is positioned at the intersection of the fintech, streaming, and identity management verticals that represent a total addressable market of $80 billion.
“GeoComply reflects Norwest’s continued focus on investing in businesses that help companies ensure mission critical compliance with regulations, manage risk, and avoid costly penalties,” said Norwest Managing Partner Jon Kossow. “Anna and David (Briggs, the company’s director and co-founder) have built an impressive, profitable business serving the gaming and sports betting market, and we look forward to partnering with them as GeoComply expands into financial services, crypto and other verticals.”
“A robust gaming environment depends on technology that prevents fraud, verifies identity and location, and ensures the safety and security of its users as well as adherence to all relevant laws and regulation,” said Arctos Partner Chad Hutchinson. “GeoComply is the leader in providing this essential technology. We are thrilled to partner with Anna and the team at GeoComply as they expand operations and bring their technology to new geographies and markets.”