Forbidden raises £9m
August 13, 2013
Forbidden Technologies plc, the AIM-quoted owner and developer of cloud video platform FORscene, announced that it has raised another £8.9 million (€10.6 million), before expenses, in a placing and open offer to continue developing the platform and strengthen the company’s position in the market.
In June 2013, Forbidden Technologies announced a conditional Firm Placing of 40 million new Ordinary Shares, with the goal of raising £8 million from new shareholders. At the same time, the company offered an additional 5 million ordinary shares in an open offer to existing shareholders, with the goal of raising another 1 million pounds. As of mid-July, Forbidden had sold 91 per cent of those 5 million shares.
“When we issued our offering, we hoped to garner interest from both new and existing investors. The fact that we’ve been able to raise nearly 1 million pounds from existing investors alone is a testament to the strength of our product — and the strength of support for our strategy,” said Forbidden CEO Stephen Streater. “This new round of funding gives us the capital necessary to expand the company and solidify our position of leadership in cloud-based video editing.”
Forbidden will use the influx of new funding to expand marketing for FORscene, support distributors in providing after-sales service to end customers, provide additional working capital to expand and develop new customer relationships, and make new appointments that will strengthen the senior management team.
Forbidden intends to widen its reach globally for the FORscene editing platform. On-site FORscene ingest servers are already in use at some renowned post-production companies — such as ENVY, Shed Media Group, and The Farm Group — to integrate with existing post-production services and provide cloud-based logging, editing, reviewing, and approval. In addition, international value-added resellers and partners, including Atos, deltatre, and Key Code Media, offer localised FORscene service.