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The SPAC Rush of 2021

The SPAC Rush of 2021
January 13, 2021

The Daily Stack is a daily market insight newsletter by PrivCo, a private market intelligence platform. Read our previous insights.
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2020 was called the year of the SPAC with 295 SPACs in total and 248 IPOs via SPAC. 2021, seems to be no different. According to SPAC Insider, 2021 has already seen 63 SPACs formed. 


Credit: rawpixel.com

As a refresher, SPAC, or special purpose acquisition companies are shell companies that are created solely to raise enough money for an IPO, in order to acquire an existing company. Read our previous Daily Stack on why companies merge with SPACs here
Here’s a list of recent SPACs that have filed for IPO. 

  • Softbank filed its first SPAC for $525MM and is rumored to be prepping at least two additional SPACs. 
  • Global Synergy Acquisition, a tech services-focused SPAC filed for a $225MM IPO. 
  • VectoIQ Acquisition II, a smart transportation-focused SPAC led by former GM executives closed a $345MM IPO on Monday. 

Notable SPACs

  • Pershing Square Tontine Holdings was the largest ever SPAC when it went public, raising $4BN. Founded by Bill Ackman of Pershing Square Capital Management, it still has not identified a merger target.
  • Churchill Capital Corp IV is a SPAC formed by former Citigroup banker and Wall Street veteran Michael Klein. It’s rumored to be in talks to merge with electric vehicle maker Lucid Motors
  • Foley Trasimene Acquisition Corp II is a SPAC that announced a merger with UK company Paysafe.
  • Social Capital Hedosophia Holdings Corp are a number of SPACs tied to venture capitalist Chamath Palihapitiya. It has led a number of successful mergers starting off with Virgin Galactic and most recently this month with Clover Health and SoFi.
Visa and Plaid calls it off
Visa and Plaid called off their $5.3BN acquisition citing the difficulties posed by the Department of Justice after they filed a suit to block the deal in November 2020. 
[TechCrunch]
Univision Joins Streaming Wars
Univision, the largest Spanish-language broadcaster in the US, is joining the streaming war with the launch of PrendeTV, a free, ad-supported service. 
[Axios]
Since last week, PrivCo has added:
662 Companies | 162 Funding Activities | 165 M&A Deals

Funding & Deal Highlights:

Tuhu China raises $200MM from undisclosed investors
Specialized Consumer Services • Equity • Shanghai, China

Kanarys raises $3MM led by Zeal Capital Partners
Communications Software & Internet Services  • Seed • Dallas, TX

Syndio Solutions raises $17.1MM led by Bessemer Venture Partners 
Analytics Software & Internet Services • Equity • New York, NY

Glia raises $78MM led by Insight Partners
Customer Experience Software & Internet Services • Round C • New York, NY

News Break raises $115MM 
Media Software & Internet Services • Round C • Santa Clara, CA

Gtmhub raises $30MM
Enterprise Software & Internet Services • Round B • Denver, CO

Kira Pharmaceuticals raises $53.5MM co-led by RA Capital Management and Vivo Capital
Pharmaceuticals • Round B-2 • Cambridge, MA

Bakkt Holdings merges with VPC Impact Acquisition Holdings for $2BN
Consumer Finance • SPAC • Atlanta, GA

ANGI Homeservices acquires Umbrella
Gig Economy Software & Internet Services • Acquisition • Brooklyn, NY

Checkers received a capital injection of $20MM from Oak Hill Capital Partners
Restaurants • Growth Capital • Tampa, FL

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