Catena Media Invests in Repackz: New Horizons Beyond Traditional Affiliation

Catena Media is opening a new chapter in its corporate history. The well-known affiliate service provider has announced the first investment of its newly founded venture capital arm. The target of this financial injection is the B2B company Repackz.fun and its parent company, Collectbase Inc. This move is anything but a coincidence. In an era where the market for search engine optimization and affiliate marketing is changing rapidly, the group is desperately seeking stable pillars beyond traditional brokerage commissions. The Repackz model capitalizes on a trend that is currently exploding, particularly in the US: so-called pack-ripping.

Repackz enables operators and brands to offer their audiences real, certified collectibles under their own brand. The platform handles the sourcing, vaulting, and shipping of the physical cards. Catena Media sees a perfect synergy here. The company contributes capital, existing relationships with gambling operators, and enormous reach to the partnership. Manuel Stan, CEO of Catena Media, makes it clear that this is a necessary step to diversify revenue. The Repackz platform is already being used by leading operators, which makes the risk for Catena as an investor more manageable.

Numbers and facts

The economic situation at Catena Media has been tense recently. Just last week, the company had to issue a profit warning for the third quarter of 2026. A weak quarterly result illustrated that the previous business model, which relies heavily on Cost-per-Acquisition (CPA) deals, is vulnerable to fluctuations in the search engine market. In parallel, however, Catena is focusing on share buybacks. Between October 12 and 16, 2026, the company repurchased a total of 138,700 of its own shares at a weighted average price of approximately 3.11 to 3.16 SEK per share.

Following these transactions, Catena Media held a total of 3,694,809 of its own shares as of October 16, 2026. This is part of the buyback program, which can run until the 2027 annual general meeting and includes a maximum volume of 4,713,747 shares with a budget of 28 million SEK. With over 150 employees worldwide and a new hub in Miami, the group is trying to defend its market-leading position in North America, where it is already active in 27 states and provinces.

Background

The entry into Repackz.fun is part of the comprehensive strategy for 2025 and 2026, based on the pillars of People, Product, and Profit. The investment also includes Collectibles.com, a community platform for collectors. Dietrich von Behren, co-founder of Collectbase, sees Catena as the ideal partner to bring the niche of pack-ripping into the mainstream.

"Pack-ripping is one of the most exciting categories in collectibles today. We built Repackz so operators and brands can quickly and easily offer their audiences real, graded collectibles under their own name, with sourcing, vaulting and fulfilment handled for them." - Dietrich von Behren, Chief Business & Strategy Officer at Collectbase

For Catena Media, it is about creating the infrastructure for new vertical markets. Alongside sports betting and online casinos, prediction markets and sweepstakes casinos are gaining importance. The trading card model fits into this series of innovative gaming products that are less dependent on traditional Google rankings.

Why it matters for German players

For players in Germany, this B2B investment initially does not change their daily gaming experience in licensed online casinos. However, as Catena Media acts as one of the largest lead generators worldwide, such innovative products as pack-ripping could eventually reach the European market. In Germany, gambling is subject to strict rules under the State Treaty on Gambling 2021 (GlüStV 2021). Products that mix elements of trading cards and gambling would first have to undergo a detailed review by the Joint Gambling Authority of the States (GGL).

German users should ensure they only play at providers listed on the GGL's whitelist. Strict protective measures apply there, such as the monthly deposit limit of 1,000 euros via the LUGAS system and the stake limit of 1 euro per spin for virtual slot games. Innovations like the model offered by Repackz would have to fit into this tight regulatory corset to be offered legally. Catena Media acts primarily as an intermediary and investor here, not as an operator in Germany.

What it means for GGL-licensed casinos

German casinos with a GGL license are constantly looking for legal ways to expand their portfolio. While traditional casino games are strictly regulated, B2B solutions in the collectibles sector could open up a gray area or a new business field, provided they are not classified as illegal gambling. Catena Media's network could lead to German operators becoming increasingly aware of such hybrid products. The challenge remains, however, the strict separation of gaming and gambling in Germany, which was cemented by the GlüStV 2021.