Just as last week was an onslaught of IPOs, this week is gearing up to be an avalanche of new SPAC mergers. Here’s the latest to keep you up to date.
- Singapore-based PropertyGuru, which provides an online real estate platform, will be acquired by Bridgetown 2 Holdings at a valuation of just under $1.8B. The company will raise $431M, including a private investment of $100M from Baillie Gifford, Naya, REA Group, Akaris Global Partners, and others.
- Bridgetown 2 is backed by Hong Kong-based billionaire Richard Li and Peter Thiel.
- Mobile entertainment company Jam City has backed out of a deal to merge with SPAC DPCM Capital at a $1.2B valuation. Both Jam City and DPCM claimed the termination was based on market conditions.
- The initial deal would have also seen Jam City acquire Montreal-based game publisher Ludia Inc. for $175M. Ludia makes games based on "Jurassic World," while Jam City has a multi-year contract with Disney to produce games.
Matterport, which provides 3D mapping products, raised $640M by merging with Gores Holdings VI and receiving substantial PIPE from Tiger Global Management, Dragoneer Investment Group, and others. The newly combined company, valued at $2.9B, is set to start trading on the Nasdaq on Friday under the symbol MTTR.
- Matterport expects revenue to hit $123M in 2021 and to exceed $202M in 2022, after growing to $86M in 2020.
- The SPAC created by Tom Barrack, Falcon Peak Acquisition Corp., withdrew its plans to raise $250M on public markets. The vehicle had already reduced its expectations from $400M. It was co-sponsored by TI Capital Management and Falcon Peak Partners.
- Barrack was arrested last week for allegedly assisting the United Arab Emirates in a years-long effort to sway President Donald Trump’s foreign policy. Matthew Grimes, who was set to be the SPAC’s president, was also charged.
Today's Funding 💸
- Adway (Santa Monica, Calif.), digital street-level advertising network: $6M Seed led by Upfront Ventures, participation from Revel Ventures, Watertower Ventures, Inflection Capital, et al.
- Surface Ophthalmics (Pleasanton, Calif.), therapeutics for ocular diseases: $25M from undisclosed sources.
- OriCiro Genomics (Tokyo, Japan), cell-free synthesis and amplification of genome-scale large DNA for advanced therapy: $7.25M B led by The University of Tokyo Edge Capital Partners, participation of ITOCHU Technology Ventures.
- Eyenuk (Los Angeles, Calif.), AI-based med-tech products: $6.2M led by AXA IM.
- Kamil (China), immersive aesthetic hotel experience for Generation Z urbanites: $20M Seed from High Star Holding Group, et al.
- AuthenticID (Seattle, Wash.), provider of identity proofing solutions: $100M led by Long Ridge Equity Partners.
- Lucata (U.S.), scale graph analytics platform: $11.9M B led by Notre Dame, participation from Middleburg Capital Development, Blu Ventures, Hunt Holdings, Maulick Capital, SGI, Varian Capital.
- Paradromics (Austin, Texas), high data rate brain-computer interfaces: $20M Seed led by Prime Movers Lab, participation from Westcott Investment Group, Dolby Family Ventures, Synergy Ventures, Pureland Global Venture, IT-Farm, et al.
- Atom Computing (Berkeley, Calif.), quantum computing with 100 atoms in a vacuum chamber: $15M A from Venrock, Innovation Endeavors, Prelude Ventures.
- Edgehog (Montreal, Canada), nanotextured, omni-directional, anti-reflective glass: $1.25M from TandemLaunch, E8, et al.
- Serverless (San Francisco, Calif.), open-source framework platform: $1M Seed from Greylock Partners, SV Angel, Y Combinator.
- Natel Energy (Alameda, Calif.), sustainable hydropower provider: $20M led by Breakthrough Energy Ventures, participation from Chevron Technology Ventures.
- Teamflow (San Francisco, Calif.), virtual office connecting remote and onsite teams: $35M B led by Coatue, participation from Menlo Ventures, Battery Ventures.
- Tovuti (Boise, Idaho), management system for enterprise learning and training programs: $8M A led by Blueprint Equity, ScOp Venture Capital.
- Zilch (London, U.K.), buy now, pay later lending platform: $110M B from Goldman Sachs Asset Management, DMG Ventures, et al.
- Paystand (Scotts Valley, Calif.), blockchain-enabled enterprise payment network: $50M C led by NewView Capital, participation from SoftBank’s Opportunity Fund, King River Capital, Industrious Ventures, Transform Capital.
- Paystone (Canada), payments and integrated software platform: $23.8M from Crédit Mutuel Equity.
- Monarch (Mountain View, Calif.), consumer financial planning platform: $4.8M Seed led by Accel, participation from SignalFire.
- TiiCKER (Detroit, Mich.), retail investor engagement, marketing, and stock perks startup: $2M Pre-Seed from Red Cedar Ventures, et al.
- Tulipshare (London, U.K.), activist investment platform: $1M Pre-Seed from Speedinveste, et al.
- Urban Remedy (Point Richmond, Calif.), plant-based organic ready-to-eat meals, snacks, and cold-pressed juices: $18M D led by Manna Tree, participation from Builders Fund, Obvious Ventures.
- Undercover (East Hanover, N.J.), chocolate snacks: $13.7M led by Octagon Capital Holdings, participation from 900 Chocolate Investors, et al.
- Quinn (Boulder, Colo.), non-GMO, organic microwave popcorn: $10M B led by NewRoad Capital Partners, participation from Boulder Food Group, Echo Capital, Sunil Thakor.
- Continuous Composites (Coeur D’Alene, Idaho), additive manufacturing with 3D printing and rapid curing resins: $17M A led by B. Riley Venture Capital.
- Fero Labs (New York, N.Y.), AI platform for industrial parameters: $9M A led by Innovation Endeavors, participation from Deutsche Invest VC.
- Guidewheel (San Francisco, Calif.), platform for factories to digitize their operations and reach sustainable performance: $8M A led by Greycroft.
- Rivian (Plymouth, Mich.), autonomous electric vehicles: $2.5B from Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor, T. Rowe Price, Third Point, Fidelity, et al. The company has now raised $10.5B to date.
- Algolux (Montreal, Canada), AI-imaging for safety for ADAS and autonomous vehicles: $18.4M B led by Forte Ventures, Drive Capital, participation from Investissement Quebec, Castor Ventures, Nikon-SBI Innovation Fund, GM Ventures, Generation Ventures, Intact Ventures.
- WeVee (London, U.K.), electric vehicle leasing platform: $7M Seed from Rahmyn Kress, Michael Perschke, et al.
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