Karma Gaming Secures $1 Million from Vanedge Capital

Halifax-based Karma Gaming, which develops video games for regulated lotteries, has added to its Series A round of venture capital with a $1 million funding from Vanedge Capital in Vancouver.

According to Entrevestor, the funding is an addition to the $4 million first closing announced in June, bringing the total for the A round to $5 million.

The first closing of the round included $2.5 million from Rho Canada Ventures and $1.5 million from Nova Scotia innovation agency Innovacorp.

Karma Gaming is Vanedge’s first investment in Atlantic Canada. “We were immediately taken by Karma’s plans to help update the lottery industry,” said Paul Lee, partner at Vanedge Capital. “The lottery industry sits on the brink of a paradigm shift towards the web and mobile with new and exciting customer offerings and experiences. Karma’s placement at the forefront of that transformation makes it a very exciting time to help guide and shape the evolution of lottery experiences worldwide.”