Fineqia Sees 7x Uplift in Investment Value in IDEO CoLab Ventures Fund I; No Exposure to FTX
Fineqia International Inc. (CSE: FNQ, OTC: FNQQF) reported a significant increase in its investment value in IDEO CoLab Distributed Web Offshore Fund 1 LP, seeing a 7x rise as of March 31, 2022. The investment, made in August 2019, constitutes less than 3% of Fineqia's market capitalization. The Fund is associated with renowned companies like IDEO and Coinbase, and has invested in 41 blockchain startups. Fineqia's strategy focuses on blockchain-based financial solutions and has no exposure to FTX or Alameda Research.
- Investment value in IDEO CoLab Fund increased 7x.
- Investment represents less than 3% of Fineqia's market cap.
- Fund backed by respected entities like IDEO and Coinbase.
- Fineqia has no exposure to FTX or Alameda Research.
- None.
LONDON, Nov. 10, 2022 /PRNewswire/ - Fineqia International Inc. (the "Company" or "Fineqia") (CSE: FNQ) (OTC: FNQQF) (Frankfurt: FNQA) announces that the value of its investment in the IDEO CoLab Distributed Web Offshore Fund 1 LP ("Fund") has risen to 7x the investment value.
Fineqia participated as a limited partner in the Fund in Aug. 2019 and the increase represents the Fund's net asset value as of the last reported value on March 31, 2022. The value of the original investment commitment represents less than
The technology Fund is backed by global design company IDEO known for iconic designs such as Apple's first computer mouse, Avanta Ventures (the venture capital arm of CSAA Insurance Group) and Korea's GS Group. Executives from major technology companies such as IDEO, Coinbase, Twitter and Fortress have also invested in the Fund.
IDEO CoLab has invested in and helped incubate 41 blockchain and crypto start-ups. Some of the start-ups include blockchain gaming platform Forte, digital asset trading platform FalconX and Handshake, a decentralised naming and certificate authority.
"IDEO CoLab has helped Fineqia support some of the world's most innovative entrepreneurs, especially in the blockchain industry," said Fineqia's CEO Bundeep Singh Rangar. "The Fund also helps us access unique co-investment opportunities."
Fineqia made avail of a co-investment in blockchain gaming platform Forte in Oct. 2021, along with other limited partners in IDEO CoLab's Venture Fund. Investors in Forte include Andreessen Horowitz, Battery Ventures, Canaan Partners, and Griffin Gaming Partners.
The investment in IDEO CoLab is in line with the Company's strategy to invest in or acquire companies developing and propagating blockchain-based financial solutions that are adjunct to the Company's core business.
The Fund has no direct exposure to Alameda Research, FTX, or its token FTT, that have recently seen their values fall.
Fineqia has made several investments from its balance sheet, including crypto asset manager Wave Financial Group LLC. as well as its Wave NFT Fund, blockchain-based asset registration and clearing platform Nivaura Ltd, blockchain insurance company Black Insurance, Forte and Phunware Inc., an enterprise cloud platform for mobile content delivery for global brands.
Fineqia (www.fineqia.com) is a listed entity in Canada (CSE: FNQ), US (OTC: FNQQF) and Europe (Frankfurt: FNQA). Fineqia's strategic focus has been to provide a platform and associated services to support securities issuances and manage administration of debt securities. Fineqia is building out its alternative finance business and holds a growing portfolio of blockchain, fintech and cryptocurrency technology companies worldwide.
Some statements in this release may contain forward-looking information (as defined under applicable Canadian securities laws) ("forward-looking statements"). All statements, other than of historical fact, that address activities, events or developments that Fineqia (the "Company") believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the failure to obtain sufficient financing, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made except as may be required by applicable securities laws. The Company disclaims any intent or obligation to update any forward-looking statement except to the extent required by applicable securities laws.
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SOURCE Fineqia International Inc.
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