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Eneba raises $8M from InReach, Practica and VInted’s Mikuckas to grow gaming marketplace

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Eneba raises $8M from InReach, Practica and VInted's Mikuckas to grow gaming marketplace
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Slick localized buying experience, innovative approach to fraud and automated local gaming trend detection contribute to Eneba’s status as a preferred marketplace for gaming community with stratospheric growth to 26M users 

Eneba (www.eneba.com), the world’s fastest growing marketplace for gamers, has today announced that it has raised a total of $8M led by Practica Capital and InReach Ventures, the AI-powered venture capital firm, with contribution from FJ Labs and a group of established Angel investors including Mantas Mikuckas, COO of Vinted.

Launched in 2018 by two Lithuanian school friends, Vytis Uogintas and Žygimantas Mikšta, Eneba provides a marketplace for gamers to safely purchase everything they need for the world’s most popular games. Combining an unrivalled buying experience with superior proprietary security features, Eneba has already attracted a community of 26 million unique users.

Operating under the radar until now, Eneba has quickly made an impact in the gaming sector thanks to its new approach, where previously others have not innovated. Eneba presented the market with a superior ‘one-click buy’ gamer experience and a faster, more secure service by using proprietary machine learning and fingerprinting technology.

The team also created localised gaming experiences that proved an immediate hit with gamers by using automatic optimising discovery tools for locally trending gaming products.

As COVID-19 struck Eneba was already growing fast, but, with an increased shift to digital entertainment, the startup experienced exponential growth and an increased interest from US gamers; now the company’s fastest growing geography.

“We had a lot of new users coming to Eneba during these uncertain times. While it was extremely satisfying to see our numbers increasing tenfold, there was a challenge to meet the demand. To better reflect our user numbers, we had to quickly expand our team,” said Co Founder and CMO, Žygimantas Mikšta. “We now have a 130-strong team of brilliant software developers, risk analysts and marketing experts that have built a delightful experience for 26 million consumers across multiple geographies such as the UK, Germany, Lithuania, Spain, France, Poland, and other European countries.”

As the startup grew, there were many challenges for the company in order to maintain its new found momentum. Vytis Uogintas, CO Founder and CEO said that rapid organization growth has been one of the biggest to date. However, he also emphasizes that Eneba’s breakthrough has been determined by the team.

“Finding people you can trust and who share your vision is not easy. However, we had plenty of contacts from our previous ventures that kickstarted the whole process. Right from the get-go, we were emphasizing our company culture as our top priority. For me, it’s much more enjoyable to see happy colleagues and when they’re happy, it’s easier to communicate with them and reach desired goals.”

Eneba will use its funding to accelerate investments in product development making the platform faster, safer and easier to use, and to expand further in the US and across other key global markets.  To prepare for this roll-out, Eneba has developed its own risk management system. The new system was developed in-house to better fit the company’s goals. It eliminates many risky transactions, simplifies the refunding process, and blocks majority fraud threats, thus making Eneba stand as one of the safest marketplaces on the internet.

 

“We are thrilled to be backing Vytis and Žygimantas. We’ve been impressed by their ability to execute at such speed as their company quickly scales, and to drive an incredible product with a unique value proposition for gamers. It also could not have come at a better time. We are excited to support one more team from the Baltics that has a clear ambition to lead their sector globally,” said Donatas Keras, partner at Practica Capital.

Co-founder of InReach Ventures, Roberto Bonanzinga, said “In Europe we have a tradition of building successful companies in the gaming space. We are very excited to have discovered Eneba thanks to our AI platform when the company was unknown and under the radar. We have been extremely impressed by what the founders have been able to build in such a short amount of time.”

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REEVO onboards Playson as platform partner

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REEVO, the B2B content and aggregation platform, will integrate Playson casino content to its expanding roster of platform partners.

Playson, one of the industry’s leading games providers, will add its portfolio of 85 omnichannel casino games to the REEVO platform enabling it to extend its distribution to REEVO operator partners who will gain access to an even more diverse content offering.

REEVO, alongside creating a growing list of proprietary games, is onboarding a rapidly accelerating range of the industry’s leading content suppliers to provide operator partners with a comprehensive selection of the most diverse suite of games – all through a single API integration.

Petra Maria Poola, Head of Sales, Reevo, said: “Playson have become a household name as one of the leading games providers in our industry in recent years so to add their content to our platform was a no-brainer, providing our operator partners with even more best-in-class titles.

“REEVO’s platform growth is phenomenal and we are building something special that brands will not want to miss out on and that will take their casinos to the next level.”

Tamas Kusztos, CCO at Playson, added: “We are delighted to partner with REEVO. Playson is always looking for exciting  partnerships to drive the expansion of our presence in a market, and the deal with REEVO underlines this direction perfectly.”

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Germany’s Best Employer 2023: GAMOMAT earns top place

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GAMOMAT, one of the leading independent software developers for slot games, was recognised at the “Germany’s Best Employers 2023” competition, held yesterday evening at the Flora Cologne ballroom.

Out of more than 900 participating companies of all sizes and sectors, GAMOMAT made it into the top 100 and achieved an outstanding 13th ranking. This achievement points to the strength of GAMOMAT’s value-oriented corporate culture and confirms the company’s continued success story.

The evaluation process for the “Germany’s Best Employers 2023” competition was voluntary and independent. GAMOMAT’s employees were surveyed anonymously, assessing important factors such as leadership, trust, recognition, support, care, cooperation, team spirit, and identification with the company. Additionally, the company’s management provided information about their personnel and management procedures and measures.

“Our philosophy of ‘Good Work’ is very important to us. The quality of communication and collaboration has the highest priority for us, especially because we’ve adopted a hybrid and highly flexible working model. In this respect, the excellent ranking achieved in ‘Germany’s Best Employer 2023’  competition showcases what is experienced at GAMOMAT everyday. It makes us proud as a team and gives us momentum for our current and upcoming projects,” said Dr Alexandra Krone, Managing Director of GAMOMAT Development GmbH after the event.

GAMOMAT’s competition standing highlights the company’s commitment to providing an exceptional workplace culture that values its employees. The company’s encouragement of respectful interactions and promoting a supportive work environment has led it to being known as one of the best employers in Germany. The recognition achieved by GAMOMAT provides momentum for the company’s current and upcoming projects, solidifying its reputation as a dynamic and successful organisation.

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IGT Signs Deal with Gift & Go

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International Game Technology PLC (IGT) has announced that it has signed an agreement with B2B gifting technology platform, Gift & Go. This relationship will provide casino operators who use the IGT ADVANTAGE casino management system the option to add Gift & Go’s on-demand gifting technology platform to their slot machines’ service window or secondary display via IGT’s M5 content management technology. When deployed, Gift & Go enables players to conveniently participate in promotional gift programs and collect an array of goods that are fulfilled via Amazon Business.

“IGT’s agreement with Gift & Go can provide incremental value to our IGT ADVANTAGE system customers by enabling players to get items from Amazon Business through casino loyalty club gifting programs. We view this as a great way to enhance our systems solutions offering while helping our customers reduce product storage demands, labor requirements and capital allocations through a convenient and modern experience for their guests,” said Ryan Reddy, IGT SVP Global Video Poker, VLT, Systems and Payments.

“Through our agreement with IGT, Gift & Go can integrate with the widely deployed IGT ADVANTAGE casino management system and help a diverse spectrum of casino operators significantly enhance their loyalty and continuity club gifting programs, which can help increase revenue and reduce player walk rate. The proven Gift & Go platform helps casino operators maximize player retention and replace legacy processes with automation, personalization and convenience that players genuinely appreciate,” said Jon Reuben, Gift & Go Co-CEO.

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