Sanlo, which provides financial services to gaming and app companies, has collected $10m in its Series A, alongside the launch of a $200m investment fund for game developers.
The investment was led by gaming industry-focused venture capital firm Konvoy Ventures.Â Other investments came from Initial Capital, Portage Ventures, XYZ Venture Capital, London Venture Partners, Index Ventures, Fin Capital, GFR Fund and a number of angel investors.
In addition to the Series A, Sanlo established a strategic partnership with HCGFunds for a $200m growth capital fund to support game and app developers.
With the Series A funding, Sanlo plans to scale its team and build new products for its community.
Sanlo is building â€œfriendly, transparent and easy-to-useâ€ products for creators. Developers can apply for funding ranging from $1,000 to $100,000+. They simply share their monthly revenue and how much they need, sync data and then choose from various funding offers.
It also offers a dashboard so companies can monitor all of their cash flow and financials from a single location. Users can track all upcoming payments, know when a new payment is expected and monitor all other financials.
Konvoy managing partner Josh Chapman said, â€œWe see Sanlo as the first player building a truly full stack of financial products with a clear focus on the needs of the game and app developers. Their first product of non-dilutive capital dramatically changes the funding landscape for the developers, globally. With an ample amount of data available for the underwriting processes, it is well overdue for the developers to have access to non-dilutive funding that is speedy and clear.
â€œWe believe Sanlo is well positioned to bring a viable solution that is fantastic for a massive demographic of game and app creators as they grow. We are thrilled to be in their corner.â€
A recent report from Juniper Research claimed that the value of end-user spend on digital goods via carrier billing is expected to exceed $74bn by 2026, a significant increase from $54bn in 2022.
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