RakeTech

History & Evolution

Raketech Group Holding Plc (ticker: RAKE) is a performance‑based marketing and technology company that sits at the intersection of iGaming and digital media. Its core offering is a platform‑first model that combines owned publisher assets with a scalable technology stack to deliver qualified traffic and leads to online gambling operators.

The company was founded in January 2010 by Johan Svensson and an unnamed co‑founder (Svensson is the only co‑founder publicly identified). Initially a poker‑only affiliate for the Nordic region, it quickly pivoted to casino in 2012 and launched its first in‑house product, Norake4u, in March 2010. A dedicated M&A strategy began in 2014, leading to the acquisition of sports‑focused site TVMatchen.nu in 2017 and Shogun Media in 2018. Raketech was listed on Nasdaq First North Premier Growth Market in June 2018. The leadership has seen several changes: Michael Holmberg served as CEO from 2017 to 2019, followed by Oskar Mühlbach (formerly COO) until early 2024, when co‑founder Johan Svensson stepped in as acting CEO and was later made permanent.

Business Model & Technology

Raketech describes itself as a “platform‑first” company. The main technology asset is AffiliationCloud, a proprietary platform that manages the entire acquisition funnel – from data analysis and content creation to delivery and evaluation. The company divides its revenue streams into three categories: - Affiliation Marketing (owned publishers) – a collection of comparison and review sites that generate revenue via CPA, RevShare and hybrid models. - Organic Publisher Network – external publisher partners integrated through AffiliationCloud, compensated on a revenue‑share basis. - Paid Network (Sub‑Affiliation) – performance‑based media buying and display advertising.

In Q3 2025, the Organic Publisher Network showed strong growth (€0.9 million revenue, up from €0.5 million in Q2) driven by a new exclusive US sports betting and casino partnership. The Paid Network continued to experience headwinds. The company sold its Casumba assets in September 2025 for €12 million (fair valued at €7.2 million), recording a non‑cash loss.

Financials (Q3 2025)

Revenue from continuing operations (excluding Casumba) was €6.2 million. Adjusted EBITDA from continuing operations was €1.2 million, and free cash flow before earnouts reached €1.1 million. Raketech ended the quarter with a focus on expanding exclusive partnerships, strengthening AffiliationCloud and maintaining cost discipline.

Regulatory & Market Position

Raketech operates primarily in regulated and newly regulating markets across Europe and the US. It holds no direct gambling licences but operates as an affiliate marketer under applicable advertising and data protection laws. The company’s shares are traded on Nasdaq Stockholm (First North Premier) with Erik Penser Bank as Certified Adviser.