Fatfish exits from Australian tech firm Nvoi after ASX listing
By Digital News Asia August 5, 2016
- Nvoi had a market cap of US$28mil on Aug 3
- Fatfish has fully sold down its shares in Nvoi
INTERNET venture accelerator Fatfish Internet Group has exited from digital staffing platform Nvoi Ltd, in which it made an early investment, after the latter successfully listed on the Australian Securities Exchange (ASX) via a reverse takeover of Orrex Resources Ltd.
Nvoi had a market capitalisation of A$37 million (US$28 million) on closing on Aug 3. Fatfish said it has fully sold down its shares in Nvoi and this generated an IRR (internal rate of return) of 80% within 12 months. Fatfish had invested A$50,000 (US$39,440 at the time) into Nvoi in February 2015.
Nvoi is a full stack technology platform that provides a full workforce-as-a-service offering to businesses, Fatfish said.
Creating direct relationships between candidates and clients for white-collar temporary and contract work assignments without the traditional intermediary agent, Nvoi aims to become the leading supplier of onsite, non-permanent professionals globally.
The successful listing of Nvoi, like the recent IPO (initial public offering) of Fatfish’s other investee iCandy Interactive Ltd, helps to validate the company’s seed-to-exit investment model, it said.
With this model, Fatfish acts as a strategic partner that provides the funding, resources and platform to hasten the growth of promising technology businesses, it added.
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