Singapore: Fatfish Internet backs $260k investment in CryptoFoundry

Physical Bitcoins. Credit: Flickr/Antana

Fatfish Internet Group, an ASX-listed venture builder with roots in Singapore, is investing an estimated A$338,000 ($260,834) for a 60 per cent stake in CryptoFoundry, that offers services to banking, payment and remittance, Initial Coin Offerings (ICOs) and trading settlements.

This investment will see Fatfish finance the acquisition using internal cash reserves and appoint two directors to the board of CryptoFoundry.

According to a release, the company is in advanced discussions with three potential clients that are looking to launch projects in the blockchain and cryptocurrency space. CryptoFoundry expects to secure its first client in early 2018.

In a statement, the company said, “The use of blockchain and similar distributed ledger technologies are increasingly becoming an emerging trend in both the consumer internet and financial service industry areas. The use of cryptocurrency as a form of payment is an accompanying trend to these emerging technologies.”

This latest investment is aligned with its vision to be a “leading technology venture investment and development firm,” given the increasing use of blockchain and similar distributed ledger technologies (DLTs) as a trend across the consumer Internet and financial services sector.

This is particularly relevant, given the use of a crptocurrencies – as well as other forms of virtual currency – as a form of payment that is increasingly being adopted as these emerging technologies gain traction.

Earlier this year, Fatfish invested into Singapore-based cryptocurrency exchange start-up Kryptos-X, as well as making a A$320,000 ($246,944) investment in a UK-based fintech venture builder Altairian Holdings.

The investment into Altairian Holdings, a UK-based financial technology venture builder which is targeting the regulated cryptocurrency space in the United Kingdom, will see the Fatfish-backed firm offer its services in the UK as an asset manager in accordance with the UK’s financial guidelines and target professional investors seeking to invest in cryptocurrency and offer a range of funds.

Earlier this month, Fatfish raised A$5.4 million ($4.17 million) via an oversubscribed private placement and posts a current market capitalisation estimated at A$30.8 million ($23.8 million).

A portion of the funds raised to be invested into the Kryptos-X cryptocurrency exchange project announced is expected to come from Fatfish Internet’s Swedish subsidiary, Fatfish Global Ventures, The firm claims that the remainder of the funds raised will ensure that the company’s current working capital requirements are met for the near future and will accelerate potential growth.

Also Read:

Singapore: Kryptos-X launches with $1m seed investment from Fatfish Internet

ASEAN bourses can’t support high startup valuations: Fatfish Internet Group

Fatfish-backed Singapore IT solutions company Cloudaron lists in Malaysia

Fatfish-backed iFashion acquires Malaysian brand NOSE in $3.7m deal

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.