Spiltan buys up 18% of Football Addicts
Football Addicts, a Gothenburg, Sweden-based company managing a sport-dedicated mobile application, announced entering into an agreement for selling an equity package to the local investment company Spiltan.
Through the deal, Spiltan's stake will amount to approximately 18% for paying SEK 16M ($1.94M), which values the company to almost SEK 89M ($10.8M). The share transaction was made with other shareholders of Football Addicts.
Football Addicts, founded in 2010 and led by CEO Patrik Arnesson, developed a range of football applications providing live broadcast and all sorts of crowdsourced games data gathered from football leagues. Their biggest product - Forza Football - is available in 26 languages and offers team layouts, live results and match images from 500 of the world's premier soccer leagues.
Football Addicts has 2 million active users a week and had a turnover of approximately SEK 35M ($4.3M) in 2017.
Football Addicts raised money from a range of local angel investors, including Alexander Hars, Gustaf Alströmer and Mikael Pawlo, as well as from venture capital firm Creandum. After this deal, Creandum will own 10% of the company.