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August 25, 2006
Mobilephone Casino Startup Raises GBP4M With AIM Listing
Instead of raising venture capital, the founders of Probability, turned to AIM in London yesterday, raising £4.1M, about £3.7M of which flowed back to the company. Its valuation at the time of the listing was £13.7M.
Probability has a gaming license in the UK (Channel Islands) and develops casino games, bingo, and lottery services that runs for mobilephone network operators.
The London based company was co-founded in 2003 by Charles Cohen, whose name might be familiar to some readers -- he co-founded Beenz.com, which promoted a virtual currency or e-cash on the Internet.
It raised about $80M during the bubble but it flopped and closed in 2001. Cohen was quoted in TIME in 2000 as saying: "I believe we'll start to see beenz listed against other major currencies."
This time around, he has chosen a more established business model, than trying to establish a new currency. With backing from undisclosed investors Probability went live in 2004. The company claims 20 million wagers taken to date.
Read - IPO Probability IPO First Day (allipo)
Posted on August 25, 2006 08:35 AM | Posted to News And Updates | Permalink
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