FastForward Innovations Ltd (LON:FFWD) said that its portfolio firm, mobile game developer Leap Gaming, has expanded its partnership with 888 Holdings PLC (LON:888).
The AIM-listed investment company, which holds a 43.4% stake in Leap Gaming, said the deal will see a number of Leap’s titles become available through the 888casino website including a selection of ultra-realistic 3D virtual sports games.
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"It is extremely pleasing to see Leap Gaming going from strength to strength, to be working with yet another household name in the form of 888 is another endorsement of the work Yariv and his team are delivering", said FastForward chief executive Ed McDermott.
In a separate announcement, FastForward also said Leap Gaming is expecting to reach profitability in the third quarter of 2020 following strong revenue increases in the first part of the year.
The company said the investee firm had delivered a 95% year-on-year increase in revenues for the period between January and May 2020, while the firm had also signed 30 new customers and partnerships and expanded its geographic footprint.
To support this growth and the move toward profitability, FastForward said it has invested a further €117,647 into Leap Gaming as part of €250,00 loan provided by all shareholders.
“As Leap nears profitability it's an exciting time for FFWD, I believe this could lead to potential liquidity opportunities in a very reasonable timeframe. With the support of FastFoward and its other shareholders including IMG, Leap Gaming has rapidly developed new products, created new partnerships and expanded its global reach to build market share”, McDermott said.
“We are therefore delighted that the business continues to be ahead of schedule and that in providing this modest bridging loan we, together with the other shareholders, have given them additional funding as the company moves towards profitability. We look forward to continuing to support Yariv and his team during the next exciting growth phase", he added.
Factom files for Chapter 11 reorganisation
In another announcement, the company said another investee company, Factom Inc, has filed for a Chapter 11 reorganisation.
The filing includes an application for the writing off of various debts of Factom, including FastForward’s US$6mln SAFE note.
The firm said its board and legal advisors are investigation options following the development and will provide a further update as the situation becomes clearer.
FastForward’s interest in Factom is divided between Series Seed shares and the SAFE note which were valued at £581,000 and £4.88mln respectively as at September 30, 2019, but was subsequently written down to zero as announced on April 14, 2020.
FastForward shares were steady at 6.3p in early trading on Monday.
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