First Angels makes next big investment
First Angels Jamaica (FAJ) has announced its first investee for 2016.
The entity is BookFusion Limited, a global eBook platform that will allow readers to store, socially interact, read, share and organise all eBook formats.
The announcement was made at the launch of FAJ's Connecting the Dots Workshop series at the Jamaica Pegasus on July 13. Dwayne Campbell, CEO and founder of BookFusion, says the company will use Angels' investment to redefine reading in the Caribbean.
"Mr Campbell pitched to the Angels in November 2015, and we saw in his pitch many of the deal merits we look for," said Sandra Glasgow, co-founder of FAJ. "He is a visionary, leads a strong team, has a business with a well-thought-out business model that has the ability to generate traction, as well as grow and scale rapidly."
The company offers services to publishers, content providers, authors and readers and provides an entirely digital and interactive approach to publishing, selling and reading literature and utilising multimedia tools. BookFusion gives students access to an enhanced way of reading that facilitates interactive learning in order to retain information.
BookFusion is currently in the public beta stage and is expected to launch fully through funding received from Angels. Campbell plans to partner with at least ten schools, between ten and 50 Caribbean publishers, and already has plans in place to sign at least two contracts with international publishers. The BookFusion app is available for download via the Google Play Store and will have an iTunes app available in August 2016.
ACROSS THE CARIBBEAN
"We look forward to mentorship and advice," said Campbell. "And we hope to leverage the network of key individuals across the region so that our platform is not only in schools locally, but available across the Caribbean and emerging markets in order to make BookFusion a multinational company."
The FAJ has received over 200 applications, almost half of which have been completed. They are currently 29 Angels within the network which has now made a total of four investments. FAJ will be hosting a workshop series throughout 2016 targeting entrepreneurs, lawyers, accountants and business governance professionals. The workshops will address the merits of developing this asset class locally, supporting professionals in developing term sheets, agreements and providing holistic training about the Angel investment process.