Fatfish Internet Group, a startup investment company headquartered in Singapore and Australia, has agreed to sell some of its assets to Zurich-based company builder Mountain Partners as part of a strategic partnership to invest in Southeast Asia, reports Tech in Asia.
The assets worth $9.2 million will be housed in a ‘special purpose vehicle’, which will be 100% owned by Mountain. Fatfish will get a combination of shares and cash in the sale.
A joint venture to be branded as ‘Mountain Asia’ will then be formed and majority owned by Mountain, but managed by Fatfish.
Mountain Partners is a global company builder that has been involved in funding over 150 tech businesses, such as members only fashion site, BuyVIP (acquired by Amazon) and food delivery Lieferando (acquired by Takeaway).
Currently, the partners entered into a term sheet, but not a binding contract yet. The whole deal is expected to close in Q4 of 2016.
What is Fatfish?
Fatfish has been compared with Rocket Internet, but without the high profile products.
It acts as a strategic investor in companies by providing them with funding and resources to grow their businesses. The company has backed ventures such as fashion ecommerce website Dressabelle (which has been acquired by iFashion Group) and car insurance service company RajaPremi.
The company did not disclose the amount of assets sold to Mountain Partners, but it did announce that it will continue to hold certain investments on its own. The company has expressed investment interests in gaming studio iCandy Interactive.
The collaboration will focus on building companies in Southeast Asia.
A version of this appeared in Tech in Asia on August 18. Read the full version here.