ASX-listed Fatfish, Swiss VC Mountain Partners in $9.2m strategic deal

ASX-listed internet venture investment and development firm Fatfish Internet Group have entered into a strategic and financial alliance with Zurich-based tech-company builder Mountain Partners AG, the companies announced Thursday.

As part of the partnership, Mountain Partners will acquire 100 per cent of a special purpose vehicle (SPV) comprising Fatfish’s selected assets for $9.2 million. The companies have not disclosed the ‘selected assets’, but said that the acquisition will be paid by Mountain’s shares and cash.

So far, the statement cited that they have entered into a non-binding term sheet, which is subject to a detailed and satisfactory due diligence process over the next months, and closing is expected in the fourth quarter of this year.

Then, they will form a joint venture (JV) firm, which will be branded as Mountain Asia, to manage Mountain investment and company building hubs in Southeast Asia.

Mountain Partners will hold 51 per cent in Mountain Asia, while Fatfish and Mountain Asia management team will own the remaining, Kin-Wai Lau, CEO and director of Fatfish Internet Group, told DEALSTREETASIA via email. Fatfish will also hold the shares in Mountain Partners, but the shareholding proportion remains a secret.

Once the deal is completed, Fatfish will become a key strategic partner of Mountain in Southeast Asia. Fatfish and Fatfish leaders will also be spearheading the operation of the JV.

“After the JV is formed, we will continue the investment and also build on the existing portfolio, expected to help launch three to four companies per year,” he said in the email.

Apart from the selected assets to be sold to SPV, Fatfish will continue to hold certain of its investments directly, including Fatfish’s interest in ASX-listed iCandy Interactive Ltd, Fintech Asia Group and other investments.

With headquarters in Singapore and Australia, Fatfish helps entrepreneurs build and grow internet businesses via a co-entrepreneurship model, including seeking an active involvement from its investee companies from seed funding through to exit.

Earlier this month, Fatfish has exited the digital staffing company Nvoi Limited via a reverse-takeover of Orrex Resources Limited.

To date, Mountain Partners and its founders have created more than 11,000 jobs in 22 countries through financing and building more than 200 technology and internet companies. Notable companies are buyVIP (acquired by Amazon), Lieferando (acquired by Takeaway.com) and Secusmart (acquired by Blackberry).

Also read:

Singapore: Fatfish exits HR platform Nvoi through ASX-listing

Fatfish Internet to exit Australian investee Nvoi, expects high return multiples

Exclusive: Fatfish’s iCandy slated for Sept IPO, to raise $3.68m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.