Investee Company Update

RNS Number : 8832L

FastForward Innovations Limited

06 October 2016

 

6 October 2016

FastForward Innovations Limited

("FastForward" or the "Company")

Investee Company Update: Factom Inc. Completes Series A Round Financing

FastForward announces that its investee company, Factom Inc. ("Factom"), has raised $4.2m in new funding in its Series A financing round, led by venture capitalist Tim Draper of Draper Associates.

Having recently won a $200,000 grant from the US Department of Homeland Security, the Austin, Texas-based company plans to use the new funds to more aggressively grow the company, including building a series of unnamed new products for its blockchain data network.

FastForward's original investment in Factom was made less than a year ago on 16 October 2015, with a reported value of £279,000 at the time of FastForward's annual report and accounts to 31 March 2016. Today's Series A financing values FastForward's investment at approximately £560,000, an increase of approximately 100%.

Lorne Abony, CEO of FastForward Innovations commented:

"We are ecstatic with this increase in valuation for our investment in Factom, which exemplifies what we believe to be true of much of our portfolio: that value continues to be created in our businesses, and that many of our investee companies are worth significantly more today than the amount we invested.

For further information on the Company and its investments please visit www.fstfwd.co or contact:

FastForward Innovations Limited [e-mail]

Josh Epstein / Ian Burns

Peel Hunt LLP Tel: [phone]

Dan Webster / Adrian Trimmings / George Sellar

 

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