Fatfish Internet Pitch Deck Teardown: A Venture Builder's

Executive Summary: The Venture Builder Pivot

Fatfish Internet Group (ASX:FFG) occupies a unique space in the investment landscape. This 2018 investor presentation serves as a bridge between their established history as a consumer internet venture builder and their aggressive pivot into the then-booming blockchain economy. By combining traditional corporate governance with high-risk, high-reward tech sectors, the deck attempts to justify a valuation based on both realized IPO successes and future crypto-mining potential.

Slide 1: Title and Global Footprint

The cover slide establishes the company's dual focus: "Building Ventures for the Internet & Blockchain Economy." It lists five key jurisdictions—Australia, Singapore, Malaysia, UK, and Sweden—immediately signaling that this is a cross-border play. The inclusion of the ASX ticker (FFG) on the logo reminds investors that this is a liquid, regulated investment vehicle.

Slide 2: Company Background and Capital Structure

This slide functions as a fact sheet. It provides essential data for a publicly traded company: 462.45m ordinary shares, a market cap of A$18.5m, and a cash position of A$3.3m as of December 2017. The shareholding breakdown shows that the Top 20 shareholders (excluding board and management) hold 52.93% of the company, suggesting a relatively concentrated but institutional-friendly registry. The core business is defined clearly as a "Tech Venture builder" across two sectors: Consumer Internet and Blockchain.

Slide 3: The Three-Stage Investment Approach

Fatfish outlines its value-add process in three distinct phases: Corporate Founder / Strategic Investor , Growth Hacking , and IPO / Exit Route . They explicitly state a preference for investing at the "lowest valuation possible" during Seed and Pre-Series A stages. The middle column is particularly important for a venture builder, highlighting that they provide "management talents to accelerate" rather than just passive capital.

Slide 4: Board of Directors

For a micro-cap company, the board is exceptionally high-profile. The slide highlights Larry Gan's tenure at Accenture and Tony Mackay's role as the founding CEO of Chi-X Global. CEO Kin W. Lau is presented as a serial entrepreneur with six tech IPOs under his belt. This slide is designed to build trust; the message is that while the underlying ventures may be risky startups, the people overseeing the capital are seasoned corporate veterans.

Slide 5: Educational Context for Blockchain

In 2018, blockchain was still a nascent concept for many retail and institutional investors. Slide 5 provides a basic primer on how a transaction is broadcasted, verified, and added to a ledger. The sidebar explains "Why is cryptocurrency disrupting?" focusing on globalized, decentralized, and secured networks. This is a common tactic in emerging tech decks: educate the investor to make the subsequent pitch feel like a logical conclusion.

Slide 6: The Venture Builder Portfolio

This slide displays the breadth of the Fatfish portfolio, categorized into four buckets: Software / SaaS (Cloudaron, News Deeply), Interactive Media (Lunch Actually, iCandy, VDancer), E-commerce (ifashion group, ClosetStyles, Beam, iSecrets), and Fintech (Kredito, Smartfunding.sg, RajaPremi, Fatberry). The sheer number of logos (13 in total) demonstrates the company's diversification strategy.

Slide 7: Case Study - Cloudaron

To prove the model works, Fatfish highlights Cloudaron. It notes that Cloudaron is publicly traded on Bursa Malaysia with a market cap of A$90m. Key metrics provided include revenue of over USD 14m in the previous financial year and a client list featuring Bank of Singapore and Yale NUS College. Crucially, it shows Fatfish's involvement "Since Seed Stage" leading to an IPO in November 2017, validating the "Seed to Exit" claim from Slide 3.

Slide 8: APAC Mining Operations

This slide details the company's direct entry into crypto infrastructure. Fatfish invested US$1m for a 51% stake in APAC Mining. The slide includes photos of server racks and a facility in Malaysia. The strategic hook is the "low-energy cost of hydropower excess capacity." The financial target is bold: scaling to USD 1.5m in monthly revenue by the end of 2018 through the production of BTC, ETH, and LTC.

Slide 9: Third-Party Valuation (Deloitte)

One of the strongest slides in the deck, this presents a summarized valuation report from Deloitte. It lists the fair value of various assets, totaling over A$16.7m. By using an independent big-four accounting firm to value their private holdings, Fatfish provides a floor for their valuation. It shows that the fair value of their consumer internet assets alone nearly covers their A$18.5m market cap, essentially giving investors the blockchain upside for free.

Slide 10: The Blockchain Ecosystem Map

The final slide in this set visualizes the "Blockchain Ecosystem Play." It connects various subsidiaries and investments—iCandy (gaming), APAC Mining (hardware), Altairian (fund management), Fatfish (Swedish subsidiary to IPO), CryptoFoundry (ICO advisory), and Kryptos (exchange). This wheel diagram is intended to show synergy; each piece of the blockchain puzzle supports the others, creating a comprehensive macro play.

What Fatfish Does Well

The deck excels at providing institutional-grade transparency. For a company involved in the often-opaque world of cryptocurrency in 2018, providing a Deloitte valuation report and a clear board of directors biography is a significant trust-builder. They also do a good job of balancing "proven" successes (Cloudaron IPO) with "future" growth drivers (APAC Mining). The geographic diversification is also a strength, showing they aren't reliant on a single regulatory environment.

What is Missing from the Deck

While the deck provides a fair value of assets, it lacks a consolidated profit and loss (P&L) statement for the parent company. There is no mention of the burn rate or how long the A$3.3m in cash will last given the capital-intensive nature of crypto mining. Furthermore, while the APAC Mining slide mentions a revenue target of USD 1.5m/month, it does not provide the projected margins or the cost of the hardware depreciation, which is a critical factor in mining profitability.

Founder's Guide: What to Copy

Third-Party Validation: If you are a holding company or an incubator, including a valuation report from a reputable firm like Deloitte (Slide 9) is the gold standard for proving your "paper" wealth to investors. · The Ecosystem Wheel: Slide 10 is an excellent way to show how disparate investments actually fit into a single strategic vision. It turns a list of logos into a cohesive story. · Clear Exit Evidence: Don't just say you can exit companies; show the timeline and the final market cap of a successful exit (Slide 7). · Fact Sheet Summary: Slide 2 is a perfect example of how to present a company's vitals (cash, market cap, shares) in a single, easy-to-read table.