GAN, the gaming software firm headed by Dermot Smurfit Junior, has secured a £1.3m (€1.52m) from businessman Dermot Desmond.

The investment is in the form of 3.25m new shares issued at a price of £0.40 per ordinary share to Mr Desmond’s International Investment & Underwriting (IIU).

The share placing represents 4.6% of the enlarged issued share capital of GAN.

The company, which services mainly the US market, said it plans to use the additional funding to accelerate existing clients’ product development and new client delivery, following what it says is “the overwhelmingly positive surge in US corporate demand experienced” for GAN’s services.

Mr Smurfit, who is GAN CEO, said he welcomed Mr Desmond’s investment in the company.

He added: “Mr Desmond is an astute investor with a long track record participating in the internet gambling market and we believe this investment validates our strategy and technology which will deliver significant incremental value for shareholders over time.”