Sportway merges with MyGame from Norway, raises SEK 110 million from Amedia, Geltis and angel investors.

Sportway, a Stockholm, Sweden-based company building a business from doing live sports events streaming, raised a capital round closed at SEK 110 million ($11M).

The money was raised from investors including the Norwegian media company Amedia, joined by existing shareholders Geltis and angel investor Jonas Eriksson.

The deal was announced in conjunction with a full merger operation done with Norwegian gaming startup My Game. The new entity will be named Sportway Media Group AB, and will be led by My Games' current CEO Harald Strømme. Daniel Frank remains as CEO of Sportway, which will be a subsidiary within the group, and will also sit on the board of the new company.

Post deal, the largest shareholder after the issue will be the Norwegian owner company AI Sports AS with 23%, followed by the founder Jonas Persson - 14%, Geltis 13%, Daniel Frank 7.5% and Norwegian TV2 7%.

Sportway, founded in 2014 by Daniel Franck and Jonas Persson, developed a media channel focusing on major youth sports events from Sweden. The company says it has nearly 500 systems installed across their European hockey arenas producing 150 000+ matches across Czech Republic, Denmark, Finland, Norway and Sweden. Clubs, teams, leagues and federations are utilizing the technology to build new business models with subscription and pay-per-view revenue streams. It also says it produced approximately SEK 25 million ($2.5M) in 2021.

Sportway previously raised more than $8 million - $6.4 million in the fall of 2021 and $1.7 million at the beginning of 2021.