Fineqia Sees 7x Uplift in
Investment Value in IDEO CoLab Ventures Fund I; No Exposure to
FTX
London, UK / Nov. 10, 2022 --
InvestorsHub NewsWire -- Fineqia International Inc. (the
"Company" or "Fineqia") (CSE: FNQ) (OTCPink: 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 3% of Fineqia's market
capital. Terms of the investment are confidential.
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.
About Fineqia International
Inc.
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.
FORWARD-LOOKING
STATEMENTS
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.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Katarina Kupcikova,
Analyst
E. katarina.kupcikova@fineqia.com
T. +44 7806
730 769
Bundeep Singh
Rangar, CEO
E. bundeep.rangar@fineqia.com
T. +1 778 654
2324