lscfa wrote: FastForward Innovations Limited
12 July 2016
FastForward Innovations Limited
("FastForward", the "Company" or "FFWD")
Acquisition of additional 5.1% interest in College & Career Counselor App "Schoold"
The Board of AIM-traded FastForward is pleased to announce that FastForward's portfolio company, Vested Finance Inc. ("VFI"), an education technology provider trading under the brand "Schoold", has successfully raised additional funding of US$1,550,000 in a Series Seed-2 Preferred Stock ("Series Seed-2") financing, with significant participation from major Silicon Valley venture capital funds and other investors.
As part of this funding round, the Company has today subscribed for 798,374 shares of Series Seed-2, representing a 5.1 per cent. interest (on a fully diluted basis) in VFI, for a total cash consideration of US$700,000 (the "Subscription"). The Company has funded the Subscription from its existing cash resources. FFWD's investment of US$700,000 brings FFWD's total per cent. ownership in VFI, including its prior investment, to 12.3 per cent. (on a fully diluted basis). VFI may raise up to a total aggregate amount of $3,000,000 over the 90 day period following the closing of this funding round.
The valuation of VFI for the Series Seed-2 financing is US $12,225,000 pre-money. The terms of this investment are substantially similar to those of FFWD's previous investment in the Series Seed-1 Preferred Stock of VFI (see FFWD's announcement dated 26 January 2016 for additional information), including VFI's representations and warranties to investors and the voting, liquidation, anti-dilution protection and other rights of the Series Seed-2.