- Fatfish Group’s (FFG) second-tier subsidiary, RightBridge Ventures, has successfully raised 55 million Swedish kronor (A$8.4 million)
- Both Fatfish Group and its subsidiary Abelco Investments invested roughly A$150,000 each into the round
- The funding allows RBV to execute its business plan, will positively impact Abelco’s balance sheet, and validates Fatfish Group’s business model
- In other news, RBV is acquiring a 10.7 per cent stake in global eSports platform Esports Pulze AB
- Fatfish Group is up 12.5 per cent and trading at 14 cents per share
Fatfish Group’s (FFG) second-tier subsidiary, RightBridge Ventures, has successfully raised 55 million Swedish kronor (A$8.4 million).
RightBridge Ventures (RBV) is a subsidiary of Abelco Investments Group AB, which in turn is a subsidiary of Fatfish Group.
RBV has now closed its funding round, which was principally led by Scandinavian fund Modelio Equity AB. Investors in the funding round included both management of RBV and several institutional investors, such as Modelio Equity.
Both Fatfish Group and RBV’s parent company Abelco invested approximately one million Swedish kronor (about A$150,000) each. After completion of the funding round, Abelco will own roughly 53 per cent of RBV, while Fatfish will own a non-substantial stake of 0.6 per cent in RBV.
The successful financing will allow RBV to effectively execute its business plan, which is to develop itself into a leading eSports investment firm in the Scandinavian region. The company also hopes to start the process towards a potential IPO on a European stock exchange.
By establish a post-money valuation of 145 million Swedish kronor (A$22.1 million) for RBV, the funding round will also have a positive impact on Abelco’s balance sheet. Furthermore, the financing has validated Fatfish’s business model, by proving that Fatfish subsidiaries can attract independent funding from third-party institutional investors on their own.
In other news, RBV is in the midst of acquiring a 10.7 per cent stake in global eSports platform Esports Pulze AB. This acquisition forms part of RBV’s strategy to act as a catalyst for the eSports and gaming community, which it primarily invests in.
Fatfish Group is up 12.5 per cent, trading at 14 cents per share at 10:07 am AEST.