(Bloomberg) — Patrick Grove, a serial entrepreneur in Southeast Asia who runs internet-focused funding firm Catcha Group, is the most recent determine to hunt capital by way of a blank-check agency.
The 45-year-old Australian is listed as chief government officer and chairman of Catcha Funding Corp., a particular goal acquisition firm that filed to lift $250 million by way of an preliminary public providing on the New York Inventory Alternate, in response to a submitting on Tuesday.
Grove is without doubt one of the earliest web entrepreneurs in Southeast Asia. Since founding Catcha Group in 1999, he and co-founder Luke Elliott have launched a number of startups and introduced six of them to a public itemizing or sale. These embrace iProperty Group Ltd., which was acquired by Australian actual property web site REA Group Ltd. in 2016, in addition to iCar Asia Ltd. and Frontier Digital Ventures Ltd., that are listed on the Australian Securities Alternate. Grove can be identified for co-founding streaming platform iFlix Ltd., which was acquired by Tencent Holdings Ltd. final yr.
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Distinguished figures from the enterprise and investing worlds have been speeding into the SPAC market over the previous yr, which marked a document within the U.S. SPACs are empty company shells whose sponsors elevate cash from traders after which look to purchase into one other enterprise, often a non-public one. More and more, traders are planning SPAC listings that will probably be injected with Asian belongings down the highway.
A number of blank-check companies with distinguished Asia backers have launched prior to now months, together with one backed by SoftBank Group Corp. and one other by billionaires Peter Thiel and Richard Li. Each will goal know-how firms.
Learn extra: SoftBank Targets as much as $525 Million through First SPAC as IPOs Surge
SPACs can present firms with a better different to going public than the normal IPO route, which could be a riskier possibility when volatility is excessive, because it was final yr. Merging with a SPAC additionally permits an organization to pitch itself to traders utilizing forward-looking monetary figures, which isn’t allowed in a standard IPO.
Catcha’s blank-check agency will goal know-how, digital media and fintech firms throughout the Asia-Pacific, significantly in Southeast Asia and Australia, in response to the submitting.
It has shaped an advisory board consisting of well-known regional enterprise capitalists. They embrace Gobi Companions founding associate Thomas Tsao, 500 Startups Managing Accomplice Khailee Ng, Qiming Ventures associate Helen Wong, K3 Ventures founder MX Kuok and Jungle Ventures Managing Accomplice David Gowdey.
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