CashBet Raises $1.7 Million in Angel Funding

CashBet, the software platform provider and eGambling company, has raised $1.7 million in an angel funding round led by Fred Hsu and other private investors. The company is intending to use the funding to develop a cash eGambling platform for social and mobile gaming.

Hsu said, “To date, CashBet has already made significant strides in building their platform to create real value for partners. Angels like myself live to support companies like CashBet as they move forward building out their vision.”
The investment came soon after CashBet announced it had enjoyed “unprecedented growth” over the last year having added a number of games publishers, such as Gamzio Mobile, to its platform.

The company recently received Category 1 and Category 2 eGambling licenses from the Alderney Gambling Control Commission which will allow it to legally register players and conduct online transactions in Europe.

CashBet’s co-founder and CEO Mike Reeves said, “CashBet has already made significant moves into the mobile gambling space over the last year by launching our SDKs for HTML5 and iOS platforms … We’ll continue to focus on expanding the feature set and capabilities of our platform to meet the growing needs of our customers worldwide.”