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Gadsme, the first In-Game AdTech Platform allowing performance advertising, raises $8m in seed round
Popular industry seed round led by Galaxy Interactive is also joined by major game publishers, including Ubisoft.
AppLovin’s ex-VP Corporate Development Co-Founds Gadsme – a platform that is set to take AdTech into the Metaverse and backed by strategic multi-million-dollar investment from games industry giants
Gadsme, the only interactive AdTech platform that offers high quality immersive brand experiences through in-game advertising, has secured an $8m seed investment just 11 months after launch. With investors including Galaxy Interactive and Ubisoft, Gadsme will use the funding to structure and invest in key people to scale the business to meet demand. With Gadsme, Immersive Ads are now dynamically served and its unique technical capabilities enable, for the first time, true performance campaigns that benefit all advertisers, across all platforms. To further enhance their potential, Gadsme focuses its development exclusively on high quality inventory and games.
With more than 3 billion players worldwide, each playing their favorite games for many hours, trillions of ad impressions are available. Unlike full screen video display or interstitial ad formats, that can interrupt the playing experience, Gadsme focuses on non-intrusive ad formats that are blended, immersed and native to the gameplay. Those ad formats run across every game genre, all devices and geographies, and are particularly sought after by brand advertisers, who demand Gadsme’s guaranteed brand-safe environments and privacy compliant targeting capabilities.
Gadsme was created in 2019 by digital media experts Guillaume Monteux and Luc Vauvillier, whose previous company miLibris was sold to the Altice Group. Making up the trinity of the founding team is ex-AppLovin VP Corporate Development, Simon Spaull, who played an important part in AppLovin’s monumental growth.
This seed investment was strategically and selectively built from a pool of gaming and digital experts that believe in the Gadsme vision, and who also bring a wealth of experience and targeted expertise to develop the product and customer experience further. For Ubisoft, they first started to work with Gadsme before securing a strategic investment into the business, confirming market quality of Gadsme’s platform and the opportunity the sector presents. The gaming market was recently valued at $134 billion, cementing games as the new media of choice for brands.
“For more than 2 years, we three co-founders bootstrapped the company to build the most technically advanced Immersive Ads solution. When some of the best game companies in the world concurred, we knew we were ready to raise the money to grow. For our seed round we wanted to find partners that could bring vast knowledge and expertise into our business. Not just provide capital, but genuine experiences and learnings in the exact industry we operate in. With Galaxy Interactive, Ubisoft and other major games company founders as shareholders, we’re now poised and ready to execute on our vision.” said Guillaume Monteux, CEO & Co-Founder.
The result of their cooperation is Gadsme: Built, tested, and reworked into an innovative core product that is grounded in market-leading technology and now has unrivaled industry support with multi-million-dollar investments from some of the most well-known games publishers in the world. Gadsme’s immersive SDK is already integrated into a number of premium game studios, including Voodoo, Ubisoft, Tilting Point, TapNation and Lion Studios, offering brand-safe and prime quality-controlled ads to a large audience.
“We’d met various companies in the in-game Ad space, but Gadsme’s product and team really resonated with our beliefs and our vision. Guillaume and his team are a natural fit with our client portfolio, and their attention to detail, unique approach, and laser-focused vision, capture what we believe to be the right path forward. We’re excited by the space and look forward to helping Gadsme on their quest to put the player experience first in connecting brands with passionate audiences. These intersections will continue to play an important role in this new digital frontier, and we believe that the Gadsme team can make true impact” said Galaxy Interactive’s CEO, Sam Englebardt.
“Our cross-platform technology has been extremely carefully crafted to provide studios with a long-term partnership to drive continuous and new incremental revenues from their games. Whilst in-game advertising has been a subject for 20+ years, today we could see a clear opportunity in the marketplace to build something pristine and different, that drives revenue and measurable brand engagement In-Game.” said Simon Spaull, CRO and Co-Founder.
“Gadsme is the only In-Game company in the world that can run performance ads inside games, giving all brands the unique opportunity to measure KPIs, whilst attracting an audience within the walled gardens of games, but also allows studios to run cross-promotion to any other game in their portfolio. This is entirely unique and an important new business opportunity for the gaming ecosystem. Our technology fully integrates brand advertising into the gameplay experience with Immersive Ads that are dynamic, content targeted and serving positive experiences to players. We’re excited to see how the AdTech industry will develop further in 2022 and to be a key player in connecting studios and brands.” Spaull adds.
Gadsme’s product offers the same high quality, positive experience to brands and studios alike. Its patented technology for ad viewability is unique to the games industry, ensuring transparency and reliable reach for brands, whilst the combination of an intuitive self-serve platform and smooth SDK integration has ensured an overwhelmingly positive experience for developers. Gadsme’s next-generation platform has been engineered in-house for over 2 years, is metaverse-ready and uniquely placed to offer a variety of solutions to maximize results for advertisers and gaming studios alike.
Luc Vauvillier, CTO and Co-Founder adds “We knew exactly how to develop our product to ensure stability and success. We heard the many tech challenges studios had faced with In-Game ad platforms previously. From inception, our goal was to ensure our product was stable, reliable and fit for purpose. Our in-house architecture is ready for any and all future gaming and metaverse advertising opportunities”.
Gadsme is known for its technical excellence, now it is laser focused on delivering unbeatable returns to gaming companies, as well as driving superior ROAS to advertisers.
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Bragg
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
| Euros (millions)(1) | 3Q24 | 3Q23 | Change |
| Revenue | € 26.2 | € 22.6 | 15.9 % |
| Gross profit | € 14.0 | € 11.9 | 18.1 % |
| Gross profit margin | 53.5 % | 52.5 % | 99 bps |
| Adjusted EBITDA(2) | € 4.1 | € 3.8 | 7.1 % |
| Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
| Operating Income (Loss) | € (0.4) | € (2.1) | (81.0) % |
(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.
“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”
“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.
“BetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the world’s most passionate hockey fan bases. Las Vegas is BetMGM’s hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.” – Matt Prevost – BetMGM, Chief Revenue Officer.
Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.
“BetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,” said Vegas Golden Knights President and CEO Kerry Bubolz. “We look forward to continue working together on events and activations that we know entertain our fans.”
Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, “The Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and it’s a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.”
BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGM’s nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.
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