UAE Based Investment Firm Moves Into Sport Apps

Posted on November 17, 2015 · 2 min read

UAE Based Investment Firm Moves Into Sport Apps - Featured Image | MEA Markets
Share this article
Image

UAE Based Investment Firm Moves Into Sport Apps

Investment accelerates growth for leading global sports app with Daman strategically committed to future growth capital.

Sportlobster, a leading sports app that brings fans together, has secured £2m from leading UAE-based investment company, Daman Investments.

‘Sportlobster is in strong growth mode at the moment and this is certainly a reflection of our investment into – and focus on – the product, particularly this year. Our latest funding allows us to further accelerate our competitive lead in a number of ways.’ said the company’s CEO and co-founder, Andy Meikle. ‘Daman sees Sportlobster as an innovative concept and the product is unmatched. This raise and Daman’s continued support will allow us to execute our global strategy.’

Sportlobster’s new product offering and strategy for growth attracted Daman to not only inject capital upfront but use its corporate finance arm to raise future funding.

‘We value innovative businesses that provide technology solutions for consumer needs. Sportlobster has a phenomenal team and provides an excellent social platform for a large market of sports fans across the globe.’ said Shehab Gargash, Founder and Chairman of Daman Investments.

The investment by Daman Investments will be used to accelerate and support Sportlobster’s latest products and strategic developments from its London-based HQ.

The company which is backed by sporting celebrities including Michael Owen has already recorded a user base of 2.2 million sport fans across the globe. The company is witnessing a strong growth in the number of active users which is now increasing month on month by 60%.

Andy Meikle continues: ‘As a multi-functional sports app, serving multiple sports, engagement levels are high across the platform, be it through making predictions before events begin, chatting during games with other fans or making use of the blogging functionality. From a commercial perspective, there are multiple ways in which we will generate revenue across the entire platform which will complement the user’s experience and that starts here in the UK working with some of the UK’s biggest gaming companies.’

Sportlobster has appointed Daman Investments as the advisor for future rounds of capital raising. ‘We are really excited to be part this journey and believe that Sportlobster can become the leading social media platform to cater to over 1.2 billion sport fans across the globe’ said Sumit Mehta, Head of Deal Structuring & Advisory at Daman Investments.

You might also like

Looking for more? Gain deeper insights with these recommended articles, selected to provide further value.

November 11, 2015 Procera Sees Surge of Growth in Middle East

Firm opens training facility in Dubai, addressing surge of growth in Middle East.

January 16, 2017 UAE Exchange awarded by DED

Dubai - UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, has been conferred an award today by the Dubai Department of Economic Development (DED) for the use of Arabic language through its dedicated 'H...

August 26, 2016 Zaman Bank Set to Design a New Era of Islamic Banking Experience

The one and only regional banking institution in Kazakhstan - Zaman Bank, renowned for its commitment to pioneering new banking experiences for its customers today announced the engagement of Shariyah Review Bureau (SRB) as it seeks to grow across...

Join our newsletter.

Gain Access To Exclusive Content

Stay Updated With The Latest News

It's Free To Subscribe

By signing up, you agree to receive marketing emails.

Join our newsletter box - side image
Trusted by the best teams around the world