Diabetic Boot Co is aiming to raise the money through a placing of 2.3mln shares at 2,300p with new shareholders also receiving warrants in the ratio of one warrant for each two new shares issued at 2,645p.
Shares in FastForward, slipped 4.2% on the day but remain more than 17.5% higher on the year so far.
FastForward currently has an interest of 4.9% in DBC but this will fall to 3.72% should it successfully raise the full £3.5mln it is seeking.
The company also noted that investment firm Regent Pacific Group has signed a binding agreement to subscribe for more than 130,000 new shares worth around £3mln.
These funds are due to be invested by Regent in three conditional tranches, FastForward said.
Lorne Abony, chief executive of FastForward said: “Diabetic Boot Co is seeking to raise funds from shareholders at a 72% premium to our original investment cost in September 2015. We are very pleased with the progress that the Diabetic Boot Co team has made.”
FastForward directors Jim Mellon, and Stephen Dattels, are directors and have a shareholding interest in Regent.