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 [email protected]
Josh Epstein / Ian Burns
Peel Hunt LLP Tel: +44 (0)20 7418 8900
Dan Webster / Adrian Trimmings / George Sellar
This information is provided by RNS