FAC hits initial target for raising £3m seed round

FundAdminChain (FAC), a network for launching, distributing and trading of digital investment funds, has today closed the first tranche of their seed round by being oversubscribed for their £3m target fund raise.

FAC is designed to connect fund investors, fund managers and their service providers in a digital distributed ecosystem. In addition to simplifying and streamlining the investment funds’ value-chain, FAC delivers additional revenue opportunities for funds industry participants. FAC will now use the investment to develop its platform further into the fund distribution phase of the funds’ value-chain.

The investment round is co-led by QBN Capital and Lingfeng Capital, both of whom are investors focused on global fintech. Frank Tong, Managing Partner of QBN Capital said, “We have been impressed with the traction FAC has gained not only in the UK market, but also its applicability internationally. FAC is now well placed to revolutionise the funds industry by greatly simplifying the process by sharing data and product, thus delivering significant upside to all parties in this exciting and fast-moving sector of the market.”

Ming Shu, Lingfeng Capital’s partner, comments: “Lingfeng values the deep and broad industry experiences of the FAC team. We see FAC as a promising opportunity to lead the digital transformation of the fund service industry globally.”

Also investing is David E. Rutter, founder and CEO of R3. Mr. Rutter remarked that “FAC offers a great example of how enterprise blockchain technology can be used to modernise the way funds are managed. Many of the processes funds rely on today are antiquated, inefficient and risk-prone. Blockchain offers a once-in-a-generation opportunity to overhaul these outdated systems and further digitise the industry.”

“We are proud to have achieved this first milestone and look forward to our partnerships with such forward-thinking investors. With the first tranche of investment and the positive support of the fund management community representing over 40% of the UK funds market, FAC will continue developing our platform in our home market, however our ambitions are global”, commented Brian McNulty, CEO of FAC and the founder of the company.