Private equity backer JJK told Black Cow it would not supply additional capital, which pushed the company into a difficult spot and triggered a wave of redundancies

Black Cow Technology is exploring options for a major restructuring – although is hoping its core assets can be retained in a new business entity.

NEXT.io can reveal the multiplayer slots specialist is considering entering liquidation proceedings this week after failing to raise new funds amid delays in its flagship game Raging Rhino going live with Loto Quebec.

This option, NEXT.io understands, is just one eventuality being explored alongside several other paths, which could also include putting Black Cow into administration or selling the business to a third party.

Black Cow is exploring some of these circumstances with one eye towards rolling existing shareholders into a new entity that could continue work on its leading multiplayer slots technology.  

NEXT.io understands the situation arose after the supplier’s private equity backer, JJK, opted against providing additional capital to the business earlier in the year.

This setback, alongside a tricky macro investment environment, forced the business to reposition itself closer to its original software licensing business model.

Running out of runway

While JJK had in December 2024 signed a deal to acquire a majority stake in the business, the Las Vegas-based investors ultimately only ended up stumping up £2.2m, or 17% of the share capital at a £13.2m valuation.  

After feedback from investors, Black Cow subsequently aggressively pivoted the company away from software licensing and services towards becoming a developer with a USP in multiplayer slot games.

This transition reportedly involved heavy interest from major operators but also saw its costs grow to £220,000 per month at the same time its revenue was falling.

As a result, the business planned a new fund-raising round for Q2 2026, but an 18-month delay in flagship game Raging Rhino Multiplayer being certified and set live with major client Loto Quebec made this difficult.

At this point, JJK told Black Cow it would not be supplying additional capital, which pushed the company into a difficult spot and triggered a wave of redundancies.

With the difficult funding environment in mind, management opted to again reorient the business back towards its original software licensing model involving products like a single player RGS and aggregator, jackpot platform and multiplayer server.

As of May this year, the company aimed to raise new funds – targeting £850,000 at a £6m pre-money valuation – to provide enough runway to prove its technology.

Roll of the dice

Despite this new approach, NEXT.io understands the business faced difficulty restarting its sales pipeline and faced frustrations with its Raging Rhino game still awaiting release, which is now slated for a September launch date.

Meanwhile, as the company remains on the hook for significant costs from redundancies, as well as £300,000 from creditors, it may now face major challenges in raising new funds due to its existing debt.

As a result, the company is exploring an array of possible options but remains hopeful a new company could be created to continue its work on multiplayer slots, which is internally considered the best in the industry.

Black Cow CEO Max Francis told NEXT.io: “Multiplayer gaming is an exciting opportunity for the industry and Black Cow’s Multiplayer platform will allow cooperative play for groups of players. Imagine teaming up with your friends to try to beat the house together – we find that a compelling community product and our technology enables it.”

NEXT.io understands this kind of “phoenix company” approach is a legal feature of UK restructuring, one which could necessitate new capital to purchase the assets after an independent process.

Despite the uncertainty, Black Cow management appears confident it will still be able to realise value from its multiplayer slots software.