Fatfish enters online jobs market with US$39K investment

  • Nvoi a cloud-based platform for hiring temporary and contract workforce
  • Fatfish participated in A$400K seed round ahead of Nvoi’s planned public listing
Fatfish enters online jobs market with US$39K investment

INTERNET ventures firm Fatfish Internet Group Ltd (FFG) announced it has invested A$50,000 (US$39,440) into Nvoi Limited, an Australian fully managed online staffing platform for the rapidly growing temporary and contract workforce.
FFG, listed on the Australian Securities Exchange (ASX), is one of a number of investors which participated in a seed round investment of A$400,000 (US$315,554), ahead Nvoi’s planned public listing in 2015.
This is FFG’s first investment into an Australian business, and will have no material impact upon its financial position, the company said in a statement.
Nvoi is a cloud-based platform designed to improve and change the way hiring managers find, engage and manage on-demand, white-collar on-site temporary and contract workers, with a simple flat fee per hour worked regardless of salary level, FFG said.
The platform allows hiring managers to post assignments and to directly connect, engage, conduct online interviews and contract for work arrangements with candidates, and, with Nvoi as the employer of record, manage timesheets, compliance and payroll on a single, streamlined platform.
Unlike job boards Nvoi offers and end-to-end solution through its marketplace, and its workforce management system, managing the entire hiring, compliance, employment, and payment cycle.
“With more than 25% of the Australian workforce now under contract or temporary staff, Nvoi has huge investment appeal to us,” said FFG group chief executive officer Lau Kin Wai.
“The company is capitalising on a global shift towards a greater proportion of the workforce in contingent work, and the platform has been developed to help businesses manage this shift.
“This is a business which has embraced the digital age and will significantly disrupt the traditional staffing agency model and job boards,” he declared.
The Nvoi platform was launched in November 2014 and has since attracted more than 12,000 candidates and 1,200 companies, FFG said.
“With the funds we’ve raised in this seed round, we have expanded our successful marketing and sales efforts to further scale the platform and attract even higher numbers of registrations and job posts,” said Nvoi managing director Lindsay Rowlands.
“Online intermediation directly between parties is today common in many product and service areas, and Nvoi has now brought it to the staffing industry.
“There is a huge market opportunity for us globally in the full range of white collar non-permanent on-site job roles, and this investment from Fatfish Internet Group will help us realise our goal to bring a full service staffing platform and marketplace to the millions of companies with contingent staffing needs,” she added.
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