FastForward Innovations Limited (LON:FFWD) has delivered an update on the companies across its portfolio, as well as its own cash position during the coronavirus pandemic.
The AIM-listed investment firm said Leap Gaming, a B2B developer of high-end virtual gaming applications, was “performing well” having recently signed a deal to develop a virtual tennis project with IMG Arena in partnership with ATP Media, which will be released in May.
READ: FastForward Innovations says receivers will be appointed to investee company, Factom
Another portfolio group, EMMAC, has launched the UK's first operational distance pharmacy dedicated to fulfilling medical cannabis prescriptions, extended operations in Germany and successfully completed its first export into Israel, while another group in the portfolio, Portage Biotech, is “continuing to advance” its own collection of investments.
Meanwhile, portfolio biopharma group Juvenescence has raised US$168mln to date and is in a “strong cash position”, while another investment, US university payment deferment specialist Vemo Education, is on “strong financial footing” having doubled colleges and public universities on its platform and helped its partners proves US$100mln in income share agreements.
Elsewhere, FastForward’s investment firm Factom, a blockchain specialist, is seeking funding to continue operations, while fellow portfolio member Yooya is currently being restructured and repositioned into a new company, which intends to be an “Asia-focused social commerce platform company” promoting hemp-based wellness products into China.
"We continue to focus on providing investors with exposure to disruptive growth opportunities that have near-term re-rating potential and would otherwise be inaccessible. To this end, we currently have eight investee companies of varying size and spanning several sectors, some of which have had recent notable successes whilst others have not performed as we'd hoped”, said FastForward chairman Lorne Aborny in the statement.
He pointed out that the company was currently working with its investee companies to “monitor their positions and assess any potential impact” from the coronavirus pandemic.
“Naturally, it is a hard market for fundraising, which will delay the growth of some companies, however, others are performing well such as online gaming group, Leap Gaming, which is seeing an increase in interest and business under the Pandemic circumstances. Importantly, FastForward has cash reserves available and is therefore well positioned to weather this difficult period with no adverse effects to its own operation”, Aborny added.
Shares in FastForward were 1.4% lower at 7.9p in early deals on Tuesday.