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Singapore SPAC Plans to Invest $115m in Tech Startups

The SPAC plans to invest in Web3, blockchain, cryptocurrency, digital ledger, e-gaming and other new financial technology and services industries


Crypto
Chinese commentators are crowing over cryptocurrency's global declines and the unpegging of so-called stablecoins. Photo: Reuters

 

Aura FAT Projects Acquisition, a Singapore special purpose acquisition company (SPAC), said it had raised $115 million to invest in emerging technology start-ups in Southeast Asia and Australasia.

Aura FAT is a blank cheque entity incorporated in the Cayman Islands.

The SPAC plans to invest in Web3, blockchain, cryptocurrency, digital ledger, e-gaming and other new financial technology and services industries.

It is headquartered in Singapore and has offices in Sydney, Melbourne, Manila and Ho Chi Minh City.

EF Hutton, a division of Benchmark Investments, acted as the sole book running manager for the SPAC’s initial public offering on the Nasdaq.

“Southeast Asian economies are among some of the fastest growing in the world, with several at the forefront of the digital revolution,” Calvin Ng, an Aura FAT cofounder, said.

“This is predominantly why [we] search for a target acquisition in this region.”

 

  • George Russell

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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