London-listed technology investor FastForward Innovations (FFWD) says it plans to reduce its portfolio of investments to focus on the iGaming industry.
The company is already a major shareholder in virtual sports and casino games developer Leap Gaming and says that it sees “exceptional opportunities” in the gaming technology sector.
“These opportunities are available to the company largely because of the network of the company’s board of directors, advisers and large shareholders,” said FastForward. “The company believes that the gaming technology sector has very positive macro-economic characteristics and represents a very significant growth opportunity.”
Led by CEO Lorne Abony, ex-founder and CEO of Fun Technologies and Cryptologic, FastForward’s board also includes special adviser Norbert Teufelberger (former CEO of bwin.party) and co-chairman Jim Mellon, while former 888 CEO Gigi Levy-Weiss is also a major shareholder.
Having recently increased its stake in Leap Gaming to more than 41 per cent, FastForward said that it expects to complete a second investment in the coming weeks.
The company also confirmed that it is exploring adding further gaming expertise and experience to its board.
FastForward’s current portfolio includes investments in biotechnology, education technology, and Chinese video network Yooya, which the company believes could yield significant returns in the near term.
“Exit opportunities on favourable terms are under review for these investments,” it said. “The company believes that, with the exception of one of its smallest investments, all of its current investments are significantly ahead of plan and have a fair market value greater than, and in some cases significantly greater than, their current book value.”