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Fat Projects SPAC eyes merger with Indonesian start-ups
The Singapore-based special purpose acquisition company is looking for start-ups that can be “successful” in Indonesia and expand in the region.
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Illustrative photo of work at a start-up company (Shutterstock/-)
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ingapore-based investment and venture firm Fat Projects Acquisition Corp. aims to launch a special purpose acquisition company (SPAC) to merge with Southeast Asian start-ups after its initial public offering (IPO) in the United States this year.
The firm’s chief operating officer, Nils Michaelis, said his team was looking for start-ups that could make it big in Indonesia. He likened Southeast Asia’s largest economy to a training ground for budding companies.
“If you can be successful in Indonesia, it is a lot easier to grow to smaller countries,” he told The Jakarta Post in an interview on Aug. 26.
Michaelis went on to say that Fat Projects would launch its SPAC on Nasdaq by the end of the year and that the company would then acquire, merge with or combine with tech-led businesses in the region.
He added that the firm was looking to raise US$100 million to $150 million from the IPO.
“The pandemic has a positive impact in the sense that it has shown what industries are even riper for growth and [able to face] disruption,” he said.
Meanwhile, Fat Projects senior advisor Shinta Dhanuwardoyo said Fat Projects was looking for companies that did well amid the pandemic, such as e-commerce, health tech or edutech firms.
