Singapore: Fatfish exits HR platform Nvoi through ASX-listing

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.

Also read:

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

 Fatfish invests $39k into Australia based Nvoi

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.