The values and shareholdings involved in the transactions were not publicly disclosed, but GeoComply said that the new funds would help the company to expand into new verticals and strengthen its position in core markets.
In a statement, GeoComply, which said it is uniquely positioned “at the intersection of the fintech, streaming and identity management verticals”, explained that the investments would accelerate its growth into financial services and media rights management.
Norwest manages more than $12.5bn in capital and has funded more than 650 companies since its inception.
Meanwhile, Arctos is a private investment platform that provides growth capital and liquidity solutions to professional sports franchise owners in major North American leagues and other sports organisations, as well as technology and service providers in the sports industry.
In 2021, Blackstone Growth and Atairos became GeoComply’s first institutional investors.
“Eighteen months after bringing on Blackstone as our first institutional investor, we’re very excited to be working with Norwest and Arctos,” GeoComply co-founder and CEO Anna Sainsbury (pictured) said.
“With their added support we will take our Ground Truth Geolocation platform into broader technology markets, so these industries can also receive the level of reliability and credibility GeoComply has consistently delivered to our core regulated internet gaming and sports betting clients.
“Despite a challenging tech environment, GeoComply has continued to invest and expand our product and services. Every division of our company is driven by a shared passion to address the evolving challenges facing our communities.”
Sainsbury added that the GeoComply team is leveraging the company’s technology to “tackle the high profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide”.
“We have big plans for 2023 and beyond, and continue to hire and expand as we bring our products and services to more markets and verticals,” she said. “We have natural alignment with the teams at Norwest and Arctos.”
“We can pivot quickly to develop our business in markets they collectively serve, while managing the needs of our existing customers by delivering new products and services.”