Time is running out10 Sep 2018 23:00
Between Factom and the pending announcement from Intensity... time is running out.
Sep 30th - Factom
Sep??? - Intensity
Take your seats ladies and gents....
"Until the end of September, FastForward has the option to advance an additional USD9 million on the same terms.
The invested funds will go towards expanding Factom's US engineering team to fulfil two objectives: Build on the software-as-a-service platform to increase efficiency, and accelerate the product roadmap for more features and increased revenues.
The money also will be used to increased Factom's current patent pool and strengthen its marketing and sales team.
The advance is being funded from FastForward's cash resources, as well as a USD800,000 loan from Chief Executive Officer Lorne Abony.
"The USD6 million invested under the SAFE is FastForward's biggest investment to date, and in addition, we have the right to increase the size of our investment on the same terms by September 30, 2018," Abony said.
"We have been negotiating terms with Factom as an early investor in its proposed Series B fundraising for the last six months and we believe the SAFE structure - common in the US - gives FastForward real upside on the successful close of the Series B round, as well as protecting Factom and giving it the best possible chance to raise its Series B round at the highest price it can achieve," Abony added."
AIMHO DYOR