Southeast Asia and Australia-based internet venture builder Fatfish Internet Group has exited the digital staffing company Nvoi Limited, with the portfolio firm listed on the Australian Securities Exchange via a reverse-takeover of Orrex Resources Limited.
Fatfish’s first investment in Australia, Nvoi, has a market capitalization at A$37 million ($28.3 million) as on August 3. The venture accelerator has fully sold its shareholdings in Nvoi, generating an internal rate of return of 80 per cent within 12 months, it said.
“The successful listing of Nvoi, like the recent IPO of Fatfish’s other investee iCandy Interactive Ltd, helps to validate the company’s seed-to-exit investment model, in which Fatfish acts as a strategic partner that provides the funding, resources and platform to hasten the growth of promising technology businesses,” Fatfish said in a statement.
The company’s pipeline for its invested businesses includes bringing alternative funding and growth models through IPOs and acquisitions.
The Nvoi exit was closed after an earlier announcement by the Aussie firm in January 2016 that Orrex Resources will take over the full stack technology platform in a A$16.9 million deal.
Accordingly, the acquirer issued nearly 170 million ordinary shares as consideration for 100 per cent equity of Nvoi.
Providing a full workforce-as-a-service offering to businesses worldwide, Nvoi aims to become the world’s leading supplier of onsite, non-permanent professionals.
Its maiden investor, Fatfish has the mandate to help entrepreneurs build and grow Internet businesses via a co-entrepreneurship model, in which it provides a collection of resources and expertise to support them in important areas such as business strategy, market access, talent recruitment, product development and corporate strategy.