GameCo, Inc., a New York-based creator of skill-based video game gambling machines (VGM™), raised $8.25m in Seed and Series A financing.
The latest round was led by Javelin Venture Partners, with participation from Courtside Ventures, QB1 Ventures, New York Angels, Steel Partners, and individual investors.
The company intends to use the funds to launch its first games into multiple casinos in 2016 and develop and rollout an ongoing pipeline of new games in 2017 and beyond.
Founded in 2015 by CEO Blaine Graboyes, GameCo is the creator of skill-based video game gambling machines, proprietary arcade-style cabinets that balance player skill with patented game design, while maintaining the same return to players as traditional slot machines. Each VGM features a single-player game, generally 60-90 seconds to play, adapted from top console, pc, and mobile developers. The patented gambling platform allows a player’s skill in popular video games to determine the payout and winnings, while maintaining the same casino economics as slot machines.
The company, which is currently completing the regulatory approval process and expects to begin field trials within major casinos in 2016, also has offices in Las Vegas.