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Michael Moe, fresh from raising $225M for education-focused SPAC, set for another free Startup Bootcamp

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Veteran startup investor Michael Moe is diving headfirst into a new education-focused venture while getting set for Part II of another one he launched last summer.

The Woodside-based founder of boutique investment bank Global Silicon Valley raised $225 million in an IPO for a “blank check” company called Class Acceleration Corp. (NYSE:CLAS) on Friday, money he plans to use to take a yet-to-be-determined ed tech company public.

And hot on the heels of that, Moe is set to launch Startup BootCamp II next week, the next edition of his free virtual entrepreneurship school that features the likes of former Cisco Systems Inc. CEO John Chambers, venture investor Tim Draper, former MetricStream CEO Shellye Archambeau and NFL star-turned-entrepreneur Ronnie Lott as mentors.

“I wrote a white paper 25 years ago while I was at Montgomery Securities called ‘The Dawn of The Age of Knowledge,’ where I forecast the emergence of the knowledge economy and how the Internet was going to change everything,” Moe told the Business Journal. “I predicted that education would be at the center of that knowledge economy. Fast forward to now and that is obviously undoubtedly true.”

Silicon Valley investor Michael Moe, shown here at his annual ASU GSV education summit, has launched an online MBA program for startup founders.

While Moe professes growth and entrepreneurship as his passions, he has long predicted that education would be huge at some point.

“It already is in terms of the total amount spent on it. It’s even with health care as a $7 trillion sector,” he said. “But from a venture-backed perspective, the spend has been less than $200 billion.”

The pandemic has accelerated the growth of digital education and the venture-backed companies pioneering it, Moe said.

“That isn’t likely to change in a big way when students are able to return to classrooms. The pandemic has accelerated the future to the present,” he said. “About 1.6 billion students globally were instantly put online. That’s 20% of the world population that was thrown into the deep end of the online learning pool and told to sink or swim. Some sank, some crawled to the edge of the pool and swore they would never go back in, but most got the hang of it and will never go back to the way it was done before. The genie is out of the bottle.”

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Before the pandemic, Moe said he thought the digital education market would be a trillion-dollar market by 2034. “We now think that will happen in half that time. We see over $800 billion in opportunity in this in the next seven years,” he said.

GSV has backed seven of the 14 unicorns in digital education, including Coursera, Master Class and Course Hero, so Moe said he wouldn’t rule out one of them being who his SPAC takes public: “It’s possible. We’re very proud of the companies we invested in,” he said.

“I think the surge in SPACs is a strong signal that there has been a fundamental shift in the IPO market, which has been broken for so long,” Moe said. “Unquestionably, there is going to be some disappointment. But the flip side is that over the past 20 years, the number of publicly traded companies is down by 50% at the same time that there is 10 times the amount of private money backing new companies.”

“If I were to guess, five or ten years from now, the number of companies going public via SPACs will be much bigger than it is today,” he said. “What’s happened here in the last couple of weeks is definitely not sustainable. There will be a pause at some point but I think this will be a longterm trend in how people go public.”

Partnering with Moe on the SPAC are Joseph Parsons and Robert Daugherty as co-executive chairmen. Daugherty is executive dean of the Forbes School of Business & Technology at the University of Arizona. Parsons was previously on the management committee of Bridgewater Associates. Both are alumni of GE Capital.

Partnering with him on Startup School II are American City Business Journals (the parent company of the Silicon Valley Business Journal), Silicon Valley Bank and a number of other schools, organizations and businesses.

The program kicks off with six weeks of online sessions and affinity group meetings on Monday, followed by a week of demos in which founders get to pitch their ideas to investors. Registration is still open and students can enroll at the website of GSV Startup Bootcamp II.

“We did last year’s bootcamp literally a couple of weeks after we had the idea,” Moe said. “I wanted to do something because things were so messed up, with millions of people put out of work and college graduates going into a jobs market that didn’t exist, along with all of the racial and social unrest.”

Participants ranged in age from an 11-year-old girl from Indiana to 70-somethings from various places. There were 5,000 people from 65 countries who registered and about 500 who stuck with it to the end.

“My thesis going into this was that that there would be a lot of 20-somethings involved. We had them but there were also a-lot-of-somethings from every corner of the earth,” Moe said.

The takeaway?

“We certainly learned how desperately people wanted to be in control of their life, have hope and be entrepreneurs,” Moe said. “Because of that we decided that we have to keep this going.”

Source: Silicon Valley Business Journal – Michael Moe, fresh from raising $225M for education-focused SPAC, set for another free Startup Bootcamp

Source: https://spacfeed.com/michael-moe-fresh-from-raising-225m-for-education-focused-spac-set-for-another-free-startup-bootcamp?utm_source=rss&utm_medium=rss&utm_campaign=michael-moe-fresh-from-raising-225m-for-education-focused-spac-set-for-another-free-startup-bootcamp

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‘SPACs Attack’ Weekly Recap: Looking Back On 9 Deal Announcements, Rumors And Headline News

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It was another busy week for the SPAC market with numerous deal announcements and rumored deals. The market brought down the valuation of many SPACs late in the week.

Here is a look back at the announced deals, rumors and some top headlines that were coverd on Benzinga’s “SPACs Attack” show.

SPAC Deals:

  • Bitfury is spinning off Cipher Mining in a SPAC deal with Good Works Acquisition Corp (NASDAQ:GWAC). The deal values the company at $2 billion. Cipher Mining is expected to have mining capacity of 745 MW by the end of 2025 and an industry-leading energy cost of 2.7 cents per kWh. The company is estimating revenue of $350 million in fiscal 2022 and $1 billion in fiscal 2025. Cipher Mining is expected to have a large presence the Bitcoin mining market.
  • Rocket Lab announced a SPAC merger with Vector Acquisition Corporation (NASDAQ:VACQ) valuing the company at $4.1 billion. The deal is expected to help fund Rocket Lab’s development of its reusable launch vehicle and several booked missions to the Moon, Mars and Venus. Rocket Lab is one of only two U.S. commercial companies delivering regular access to orbit. The company, which competes with SpaceX, has completed 18 launches to space and has deployed 97 satellites.
  • Space-based data and analytics company Spire Global is going public in a $1.6 billion deal with NavSight Holdings Inc (NYSE:NSH). The company has a constellation of over 100 satellites and plans on pioneering the space-as-a-service business model. The company is projecting compounded annual revenue growth of 100% from 2020 to 2025.
  • Hippo, an online insurance company targeting the homeowner market, is going public in a SPAC merger with Reinvent Technology Partners Z (NYSE:RTPZ). The deal values the company at more than $5 billion.
  • DeepGreen, a developer of underwater mining for resources, is going public with Sustainable Opportunities Acquisition Corporation (NYSE:SOAC). The deal values the company with a pro forma equity value of $2.9 billion. DeepGreen said it has the largest and highest grade estimated source of electric vehicle battery metals. The company’s project will mine the Pacific Ocean floor for nickel, cobalt, copper and manganese.
  • Anghami, the largest music streaming company in the Middle East and North Africa, is going public with the SPAC Vista Media Acquisition Co (NASDAQ:VMAC). Anghami has more than 70 million customers and partnerships with several large music labels.
  • Beacon Street Group, which provides financial research, software and tools for investors, is merging with Ascendant Digital Acquisition Corp (NYSE:ACND). The deal gives the company an enterprise value of $3 billion. Beacon Street Group had revenue of $377 million in fiscal 2020, a year-over-year increase of 39%.
  • QOMPLX is merging with Tailwind Acquisition Corp (NYSE:TWND) in a deal that will bring the cloud-native risk analytics company public. QOMPLX helps businesses in the cybersecurity and insurance domains. Part of the merger also includes the acquisitions of analytics solutions provider Sentar and insurance platform Tyche.
  • Residential real estate company Doma is going public with Capitol Investment Corp V (NYSE:CAP). Doma uses machine intelligence to help close real estate transactions. The company has been involved in over 800,000 real estate closings for lenders.

SPAC Rumors:

  • Shares of Horizon Acquisition Corp II (NYSE:HZON) were in the spotlight last week with a rumor of a SPAC merger with Sportradar, a company that provides data on sporting events. Sportradar has an exclusive deal with the NFL, which is also an investor in the company. Sportradar also has deals with MLB, NBA, NHL and the International Tennis Federation. Investors in Sportradar include the Canada Pension Plan Investment, Michael Jordan, Mark Cuban and Revolution Growth. The deal could value Sportradar at $10 billion or more.
  • Apollo Strategic Growth Capital (NYSE:APSG) has been rumored to be taking Solera public. The rumor from Bloomberg now sees the SPAC also bringing DealerSocet and Omnitracs public with Solera in a combined deal value of $15 billion.
  • Lilium, an electric vertical takeoff and landing vehicle company, is in talks to go public with Qell Acquisition Corp (NASDAQ:QELL), according to Bloomberg.

Headlines:

  • Sports betting company DraftKings Inc (NASDAQ:DKNGannounced a partnership with DISH Network (NASDAQ:DISH). The deal will bring DraftKings’ sportsbook and daily fantasy games directly to DISH Network customers nationwide.
  • Clover Health Investments Corp (NASDAQ:CLOVreported fourth quarter revenue of $166.2 million, a year-over-year increase of 44%. Full fiscal year 2020 revenue of $673 million was up 46% year-over-year. The company beat revenue and member projections for fiscal 2020. The company’s 2020 projections for revenue and members came in below original projections from the investor presentation.
  • Opendoor Technologies (NASDAQ:OPEN) reported full fiscal year 2020 revenue of $2.58 billion and 9,913 homes sold. Both figures came in ahead of company estimates.
  • Shares of Virgin Galactic Holdings (NYSE:SPCE) fell on Friday when it was revealed that Chairman Chamath Palihapitiya sold the rest of his personal shares in the company. Palihapitiya sold 6.2 million shares at an average price of $35 to fund other projects. The chairman still owns 15.8 million shares through his partnership in Social Capital Hedosophia.

Be sure to tune into SPACs Attack, Monday through Friday, 11 a.m. EST. Below are links to the past week’s shows:

Disclosure: Author is long shares of SOAC and SPCE.

Source: Benzinga – ‘SPACs Attack’ Weekly Recap: Looking Back On 9 Deal Announcements, Rumors And Headline News

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U.S. crowd-safety firm Evolv to go public in $1.7 bln SPAC deal

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March 7 (Reuters) – U.S. crowd-safety company Evolv Technology said on Sunday it is combining with blank-check firm NewHold Investment Corp to go public in a deal that will value it at about $1.7 billion.

Evolv is backed by investors including Microsoft co-founder Bill Gates and venture capital firm General Catalyst.

The deal is expected to close in the second quarter, and the company expects to trade on the Nasdaq under the ticker “EVLV”, according to the Wall Street Journal, which first reported the news.

Special-purpose acquisition companies, or SPACs, are shell companies that raise funds to acquire a private company with the purpose of taking it public, allowing such targets to sidestep a traditional initial public offering to enter public markets.

An increasing number of companies are merging with a SPAC, as it involves less regulatory scrutiny and more certainty over the market valuation and funds raised.

Evolv uses AI technology and sensors to screen people in public spaces such as stadiums, hospitals, schools, and entertainment venues among others, eliminating gaps presented by metal detectors, according to its website.

The company lists customers including Six Flags Entertainment Corp, New York City’s Metropolitan Museum of Art, and the Lincoln Center. (Reporting by Bhargav Acharya in Bengaluru; Editing by Muralikumar Anantharaman

Source: Reuters – U.S. crowd-safety firm Evolv to go public in $1.7 bln SPAC deal

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Rumor: Shutterfly in Talks to Go Public Through SPAC Merger

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Shutterfly Inc. is in talks to go public through a merger with a blank-check company, according to people familiar with the matter, less than two years after Apollo Global Management Inc. took the online-photo-book maker private.

The company is discussing a deal with a special-purpose acquisition company called Altimar Acquisition Corp. II that would value it at between $4 billion and $5 billion including debt, the people said. Details of the potential transaction couldn’t be learned.

Any deal could be weeks away, some of the people said, and there is no guarantee the parties will reach an agreement. If they do, it would add Shutterfly to the long list of companies taking part in a recent explosion of deals involving SPACs, which raise money in a public offering with plans to later find one or more companies to merge with.

The Altimar vehicle went public in February, raising $345 million to put toward a deal, which as is typical would likely include additional funds raised privately. A previous vehicle, Altimar Acquisition Corp., agreed last year to combine two investment firms and take them public in a $12.5 billion deal that at the time was one of the largest blank-check transactions.

Founded in 1999, Shutterfly’s namesake brand helps consumers print their photos onto personalized books and gift items. The company owns Lifetouch, which does school photography and operates portrait studios and also has a digital-printing arm for businesses. It first went public in 2006. Apollo bought the company in 2019 for around $2.6 billion including debt and then combined it with Snapfish LLC to create a bigger player in online-photo services.

Source: The Wall Street journalShutterfly in Talks to Go Public Through SPAC Merger

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German Flying-Taxi Startup Is In Talks to Merge With Qell SPAC

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Lilium, a German startup that’s making an all-electric vertical takeoff and landing passenger jet, is in talks to go public through a merger with Qell Acquisition Corp., a special purpose acquisition company, according to people with knowledge of the matter.

Qell has begun discussions to raise new equity for a transaction to value the combined entity at more than $2 billion, said one of the people, who requested anonymity. As with any deal that hasn’t been finalized, it’s possible terms change or talks fall apart.

Representatives of Qell and Lilium declined to comment.

Munich-based Lilium, co-founded in 2015 by engineers Daniel Wiegand, Sebastian Born, Matthias Meiner and Patrick Nathen, became a so-called unicorn last year after raising $35 million from Baillie Gifford & Co.

Lilium said in January that it would work with Ferrovial SA to develop at least 10 “vertiports” to serve locations throughout Florida. It expects the jets to be available in cities around the world by 2025, its website shows.

Qell, led by former General Motors Co. executive Barry Engle, raised $350 million in a September initial public offering and said it’d seek out a target in the next-generation mobility, transportation and sustainable industrial technology sectors.

Source: Blooomberg – German Flying Taxi Startup Eyes SPAC Merger: Report

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