GeoComply Solutions Inc., the market-leading geolocation security provider, announced today that it has secured minority investments by funds managed by Norwest Venture Partners (“Norwest”) and Arctos Sports Partners (“Arctos”). Both investment groups will support GeoComply’s continued growth in its core markets and help accelerate its expansion into Financial Services and Media Rights Management.
GeoComply’s platform is trusted by leading high-tech companies to fight fraud and ensure compliance through its Ground Truth Geolocation data platform – a proprietary system handling over one billion transactions a month across hundreds of millions of devices worldwide. With Ground Truth Geolocation data at its core, GeoComply’s technology offers a differentiated and comprehensive solution that solves the growing needs for compliance, fraud, risk management and digital identity. GeoComply is uniquely positioned at the intersection of the fintech, streaming and identity management verticals, representing a total addressable market of $80 billion and growing.
“In a time when society has serious questions about the security of the internet, our technology is focused on restoring digital trust. 18 months after bringing on Blackstone as our first institutional investor, we’re very excited to be working with Norwest and Arctos. 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.” said Anna Sainsbury, Co-Founder and CEO, GeoComply. “Despite a challenging tech environment, GeoComply has continued to invest and expand our product and services. Every division of our company is driven by a shared passion to address the evolving challenges facing our communities. For example, our team is leveraging our technology to tackle the high profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide. We have big plans for 2023 and beyond, and continue to hire and expand as we bring our products and services to more markets and verticals.”
Norwest is a global, multi-stage venture and growth equity investment firm. Norwest invests in profitable, market-leading companies that demonstrate exceptional growth potential. The firm manages more than $12.5 billion in capital and has funded more than 650 companies since inception.
“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 Jon Kossow, Managing Partner at Norwest. “Anna and David 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.”
Arctos is a private investment platform dedicated to providing growth capital and liquidity solutions to industry-leading professional sports franchise owners in major North American leagues and premier global sports organizations as well as technology and services companies working within the sports ecosystem.
“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 regulations. GeoComply is the leader in providing this essential technology,” said Chad Hutchinson, Partner at Arctos. “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.”
Sainsbury continued: “We have natural alignment with the teams at Norwest and Arctos. We can pivot quickly to develop our business in markets they collectively serve, while managing the needs of our existing customers by delivering new products and services.”