GeoComply receives minority investments from Arctos Sports Partners and Norwest Venture Partners

Arctos Sports Partners and Norwest Venture Partners have made minority investments in GeoComply, a leading provider of geolocation and cyber security services to the sports betting and streaming media industries. The new funding will support the expansion of GeoComply’s fraud and risk management services into verticals such as cryptocurrency and online banking.

Arctos has ownership stakes in more than 20 sports franchises, including the NBA’s Warriors, Jazz and Kings, MLB’s Dodgers, Red Sox, Cubs, Giants, Astros, and Padres, and the NHL’s Lightning and Wild. The private equity firm has also recently invested in $100M+ sports VC funds from Courtside Ventures and Sapphire Sport. Most major online gaming operators, including BetMGM, DraftKings, FanDuel, use GeoComply’s geolocation tool to confirm a user is in a legal betting state before letting them engage in wagering activity. Amazon Prime Video, the BBC, and Akamai also use GeoComply, which analyzes more than 10 billion transactions per year and uses machine learning to detect fraudulent activity. Investment firm Blackstone Inc is an existing investor in GeoComply.

“Our team is leveraging our technology to tackle the high profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide,” GeoComply’s CEO Anna Sainsbury said in a statement. “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.”