Investment company First Growth Funds (ASX:FGF) has announced it will raise $3.45 million to expand into the blockchain sector.
The company has agreed to issue more than 282 million shares to Australian and international investors, representing just under 25 per cent of the issued share capital of the company.
The placement is led by blockchain technology company Blockchain Global which will hold 10 per cent of the issued capital on completion of the placement.
The partnership with Blockchain Global is expected to provide strategic deals for blockchain-related investment opportunities.
The company said the funding will give it leverage to launch into blockchain technology investments and related assets and businesses.
Shares in First Growth Funds (ASX:FGF) are trading 59 per cent higher to $0.03.