Fatfish Internet Group to list on ASX with reverse takeover
Headquartered in Singapore and Australia, Fatfish Internet Group will list on Australian Securities Exchange with US$3.23 million raisedBy Elaine Huang 21 Jul, 2014
Singapore-based Fatfish Internet Group (FFG) has today announced that it will be listed on the Australian Securities Exchange (ASX) tomorrow.
The firm is listing via a reverse takeover of publicly listed Australian company Atech Holdings Ltd, which has been renamed to Fatfish Internet Group Ltd.
FFG has raised AU$3.45 million (US$3.23 million) of new capital, according to an official statement. Additionally, it is being valued at a market capitalisation of AU$26 million (US$24.4 million) upon its quotation on the stock exchange. To date, FFG has not received a single cent of funding from any venture capital firm, having been entirely funded by individual and corporate partners.
Founded in 2011 by serial entrepreneur and angel investor Lau Kin-Wai, FFG is an internet ventures accelerator with two business divisions — a digital incubator and a direct ventures department. Since its inception, the company, including its subsidiary Fatfish Medialab, has invested in nine companies including Dressabelle and RajaPremi.
The company is currently headquartered in Singapore and Melbourne, Australia, and operates two other offices in Malaysia and Indonesia.
“With the quotation on the ASX, Fatfish Internet Group will be in a very unique position to further develop our venture acceleration business model. We will have unparalleled access to funding from the investing community on one of the most recognised capital exchanges in the world. We are confident that we can bring more positive development to the entrepreneurs in the region and help them launch their startups globally.”