The investment, in the form of a $1.3 million CAD ($1 million USD) convertible note, is part of a strategic investment that aims to provide new content for the Facedrive rider experience. Facedrive’s investment into Westbook also includes an option to purchase up to an additional $5.26 million CAD ($4 million USD) principal amount of convertible notes.
“We believe that our relationship with Westbrook will set us apart from our competitors,” said Facedrive chairman Sayan Navaratnam.
The partnership with Westbrook intends to provide content that would only be available to riders in Facedrive’s new “Marketplace.” Launched in 2019, Westbrook creates and curates content across major platforms, including short and mid-form digital content, traditional television series, and movies. It also develops movie projects specifically for Will Smith and also leverages existing and new intellectual property to create consumer product experiences.
“Our riders want a great experience when they choose Facedrive, and we believe that our relationship with Westbrook, an innovative leader in content creation, will set us apart from our competitors,” said Facedrive chairman Sayan Navaratnam.
Westbrook is expected to lend marketing and preferential support to Facedrive through access to content production services, consumer products, as well as collaboration with new ventures. The partnership will also see both companies sharing offices globally, helping with Facedrive’s global expansion goals.
“Our partnership with Facedrive allows us to spread positive ideas, art, and products into international markets and innovative settings,” Westbrook co-founder Miguel Melendez said.
Facedrive recently expanded to Guelph, following its launch in London, Ont., in August. In early 2018, Facedrive completed a round of undisclosed financing from Malar Group, a Canadian group of corporations that hold an ownership interest in its companies.
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