12th of September 2011 Author: Ava Jackuard
New digital venture to be supported by Bwin.Party Digital Entertainment
An announcement came this week that Cashcade co-founders Simon Collins and Patrick Southon have formed a new digital venture that will receive support from Bwin.Party Digital Entertainment PLC.
The fund has been titled "NewGame Capital" and the initial investment coming from Bwin.Party amounts to GBP 15 million. The plan is to invest the funds that comprise the Bwin.Party money, as well as GBP 1 million from the investment team, into high-potential start-ups - fifteen of them - all in the monetized digital gaming arena.
In addition, it is expected that additional backers will bring to GBP 50 million for the fund in total.
The fund's advisers are NewShore Partners, Collins, Southon. The duo was engaged on a first round investment in social bingo provider Avatingo described as a "multi-platform virtual world with a personalised social bingo experience."
According to bwin CFO Martin Weigold, "We see huge innovation taking place across the social, casual, mobile and real-money gaming area. NewGame Capital has a rare combination of entrepreneurial, strategic and financial expertise. We believe that this will allow it not only to identify companies with innovative business models, but also to guide them towards long-term success."
On the other side, a NewGame Adviser Patrick Southon stated: "With the growth of micro-payments and other forms of paid-participation, the lines between online gaming and online gambling have started to blur. "We anticipate continued strong market growth in monetised digital gaming and are seeing a very vibrant start-up scene related to the sector both in Europe and North America."
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