GiG Software has completed an €8.5m ($9.9m) fundraising as it moves towards acquiring an 80% stake in African betting and gaming operator 888Africa for approximately €16.4m.
The funding comprises €2.5m from a directed share issue and €6m through two-year convertible loans carrying annual interest of 15%. The share issue represents approximately 9% of GiG's existing share capital, with potential for further dilution if the loans are converted.
GiG plans an initial payment of approximately €6m for the acquisition, followed by €10.4m in deferred consideration. 888Africa's founders, who remain active in its management, would retain the remaining 20% stake. Completion remains subject to final approvals and execution of a share purchase agreement.
888Africa was established in 2022 through a joint venture involving 888 Holdings, now Evoke, and five industry executives. It initially launched the 888bet brand across African markets before expanding through the acquisition of BetLion in 2023.
GiG's Q2 report states that 888Africa operates in Mozambique, Angola and Tanzania, with an annualised NGR run rate of approximately $50m. Q2 revenue increased 30% year-on-year and 19% quarter-on-quarter, while the operator generated more than $1m in net cash during the quarter.
The acquisition would also add a majority-owned B2C operation to GiG's existing B2B software business.
What were GiG's Q2 results?
The proposed transaction comes as GiG restructures its core software operation following weaker financial performance during H1.
Q2 revenue declined 5% year-on-year to €8.8m, while adjusted EBITDA fell to €0.8m, representing a 9% margin. GiG recorded a €7.2m loss after tax, compared with a €4.1m loss in Q2 2025.
The quarter included approximately €3m in bad debt provisions, partly related to the insolvency of Richmond Atlantic. GiG has completed €4.5m in annualised cost reductions and initiated a further €6m programme, primarily through closing its white-label business and exiting the US and Philippines.
For H1, revenue fell 3% to €17.8m, adjusted EBITDA was €1m and the loss after tax reached €12.4m. GiG expects the combined business to generate FY2026 revenue of €44m to €48m and adjusted EBITDA of €5m to €7m, assuming 888Africa contributes for the full fourth quarter.
Earlier this year, Andrew Cochrane stepped down as GiG CBO after two years with the supplier, during which GiG expanded into additional regulated markets and developed its B2B strategy. Cochrane subsequently joined Soft2Bet as Chief Business Development Officer.
GiG launched nine brands during Q2 across the UK and Canada, including a day-one launch following the opening of Alberta's regulated online gaming market
