iCandy Interactive investee RightBridge Ventures raises $770,000...

iCandy Interactive investee RightBridge Ventures raises $770,000 to fund deal closures and IPO

By
Lorna Nicholas
-
December 15, 2021

Blue Horizon’s investment in RightBridge Ventures values it at $23.1 million.



Gaming and digital entertainment company iCandy Interactive (ASX: ICI) revealed its investee RightBridge Ventures has raised SEK5 million (A$770,000) via a private placement to esports and iGaming investor Blue Horizon.

iCandy announced last week it had sold its subsidiary iCandy Digital to Stockholm-based RightBridge in return for $4.8 million-worth of RightBridge shares – equating to almost 17.3 million shares.

Additionally, iCandy has the option to acquire a further 2.18 million shares in RightBridge, which, combined with its current interest, would give it a 25% stake in the company.

Blue Horizon investment


Blue Horizon’s $770,000 investment values RightBridge at about $23.1 million, which iCandy says is “significantly” higher since its inception.

Danish-based Blue Horizon has an investment portfolio covering esports and mobile gaming companies, with industry majors including Sony Ericsson, Nokia and Team Singularity.

RightBridge IPO


RightBridge is an esports investment vehicle and plans to list on the Swedish Stock Exchange early next year.

The company announced in mid-September its shares had been registered with Euroclear Sweden, which is the Swedish Central Securities Depository.

This is a prerequisite RightBridge’s IPO.

Placement proceeds from Blue Horizon’s investment will be used to “close several transactions” and finalising its IPO for disallowed listing.

In addition to being an iCandy investee, RightBridge is a direct and indirect subsidiary of technology venture capital firm Fatfish Group (ASX: FFG).

Fatfish has a 68.4% interest in RightBridge directly, and via its other subsidiary Abelco Group, and its holding in iCandy.

Fatfish’s interest in iCandy is through Abelco.

RightBridge esport investment strategy


RightBridge’s esport investment strategy focuses on entities that “shape the future” of the industry.

It has a 10.7% holding in Esports Pulze AB, which iCandy describes as a leading global esports platform.

RightBridge’s investment portfolio also comprises 22% interest in Lilmix and 17% in grassroot tournament network and technology platform esports Players League (ESPL).


The interest in ESPL was acquired through its purchase of iCandy Digital.