GamCrowd, a company based in UK and established to help startup entities look for investors outside of the traditional banking and venture-capital institutions, is set to launch a crowdfunding platform by the end of January 2014. The system aims to bring together from anywhere across the world, well-connected expert investors, start-ups and a crowd; as this will enable people to get in touch with one another in forming a gambling-related business venture.
GamCrowd founder Chris North is not new to crowdfunding because this was how he founded his former business, the Fox Poker Club in London. Back then, North had no idea that he was resorting to a revolutionary method in raising capital funds for his poker-dedicated gambling establishment. Through the help of a network of colleagues and acquaintances in the poker industry, he together with his partner Ian Hogg, was able to raise as much as £1,000,000, as seed capital.
After receiving a UK license, the Fox Poker Club opened in September 2010 and subsequently attracted attention for its impressive performance. The club grew rapidly and had as many as 26,000 members in a span of six months. In 2011, Chris North, his partner and investors sold the Fox Poker Club to Genting-UK for a multi-million pound contract.
In light of the resulting financial success, many of those who invested in Fox Poker Club are again backing up Chris North’s GamCrowd. After all, the development of web 2.0 and social network sites has given crowdfunding technology the much-needed force. It is now popular as an effective business strategy in the UK.
GamCrowd, however, aims to make a difference because the site is targeting gambling ventures that have potentials to spur growth in UK’s gambling industry.