The former founders of Coolbet have come together to establish a new company, Sisu Group, based in Tallinn. Their recent accomplishment of securing €14 million in funding has sent ripples through the industry, setting the stage for a remarkable transformation.
Sisu Group, spearheaded by Jan Svendsen, the visionary behind Coolbet, has set its sights on a grand mission – merging consumer-facing products with a cutting-edge technology platform. This bold approach allows them to offer their unique brands directly to consumers while simultaneously providing their technology and services to other gambling operators, paving the way for a distinctive and innovative hybrid model.
The funding round, which successfully raised €14 million, was led by Level Up Entertainment, a specialized investment firm with deep roots in the gambling sector. Their substantial investment of €9 million served as a resounding vote of confidence in Sisu Group’s vision. Complementing this, the remaining €5 million came from the Sisu 100 network, a collection of individuals hailing from Scandinavia and Estonia. Notably, Sisu Group made the strategic decision to decline bids of €5.5 million, signaling a disciplined and focused approach to their financial strategy.
“We are first and foremost a technology company. We bring our own brands to the market and offer a service directly to the end consumer, similar to Unibet and others. But we are also going to offer our own technology and services to other gambling operators. So it’s a hybrid,” said Yannick A. Svendsen, CFO and co-founder.
“We tend to be conservative people when it comes to making decisions, and we always make sure that we have a clear focus on both the short-term and long-term strategy,” says Anders Karlsen, CEO and co-founder of Sisu. “Personally, I enjoy playing poker, where success is based on a constant calculation of risk and return,” admits Karlsen.
Anders Karlsen, the CEO and co-founder of Sisu Group, emphasized their cautious and meticulous decision-making process. Meanwhile, Yannick A. Svendsen, the CFO and co-founder, expressed optimism that the funding would provide the impetus for bringing their initial products to market and propelling them towards profitability, thus potentially averting the need for further capital raises.
“Of course, in a growth phase, there may be interesting investment opportunities that would create value for shareholders. In that case, we decide that we want to raise more capital. The current plan is that it [the current investment round] will take us over the line, into profitability,” he said.
The company has already secured their first customer for the technology platform, slated to utilize the technology in 2025. Their Tallinn office, where over 50 experienced professionals currently operate, is set to expand to over 60 employees by the end of the month.
Sisu Group’s vision extends beyond mere financial success. Their ultimate aim is to create a workplace where employees find daily inspiration, working alongside happy and motivated colleagues. Under their new banner, Sisu Group, these former Coolbet founders are poised to revolutionize the iGaming industry, leaving an indelible mark and setting new industry standards.
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