Better Collective ups stake in Mindway AI
Better Collective increases its ownership to 90% of the shares in Mindway AI that specialises in software solutions based on artificial intelligence and neuroscience for identifying, preventing and intervening in at-risk and problem gambling.
The investment supports Better Collective’s ambition to make betting more safe.
As of January 1st 2021, Better Collective has exercised its option to acquire a further 70% of the shares in Mindway AI for a total price of 17 million DKK. The acquisition follows a preliminary investment made in 2019 where Better Collective acquired 19.99% of the company for 4 million DKK. With the new investment, Better Collective now holds 90% of the shares in Mindway AI, whereas the reimaing 10% is held by Kim Mouridsen, Founder of Mindway AI and Professor at Aarhus University.
CEO of Mindway AI, Rasmus Kjærgaard, who has played an instrumental part in commercialising the business during its growth phase over the last 12 months, continues in his current position. Kjærgaard joined Mindway AI in December 2019 from Danish IT company, Signaturgruppen A/S, where he spent over four years as VP of Sales. Also, Professor Kim Mouridsen stays on board in the role as Chief Scientific Officer and member of the board of the company. Mindway AI will continue to operate as a stand-alone company within the Better Collective Group.
Jesper Søgaard, CEO of Better Collective, says: “Responsible gambling remains a strategic focus area for Better Collective where we continue to increase our efforts. We see Mindway AI’s technologies and software solutions as best-in-class and foresee the business will play an increasingly important role in the iGaming ecosystem, as responsible gambling continues to be at the very top of the industry agenda and in society as a whole. It has been impressive to follow the strong development of the company over the last year since our initial investment and I am excited to further build on the promising collaboration we have established and to find new areas where our core competencies can be crossed and utilized for the benefit of the partners and players.“
Rasmus Kjærgaard, CEO of Mindway AI, says: “I am excited that Mindway AI now joins the Better Collective Group, an organisation that shares our purpose and values and has a genuine wish to create a safe and sustainable betting and gambling environment for players worldwide. With this investment, we now form closer ties to an organisation that has the industry network and muscles to further accelerate the development of our business. I look forward to continuing the strong growth journey Mindway AI has been on and to further expand our footprint globally.”