time to read 3 minutes

Could SPACs fund venture builders too? Rocket Internet co-founder is giving it a shot!INTL

Could SPACs fund venture builders too? Rocket Internet co-founder is giving it a shot!

The co-founder of Rocket Internet is giving fundraising through SPAC a go – I mean, why not if everyone else is!

CEO Oliver Samwer and other management team members of the German startup “factory” filed for a $250m blank check that is set to list on the NYSE.

And what would they do with all that cash? Likely build new tech ventures, of course!

The Berlin-based company has raised over $2.2b in the past, which was used to expand its portfolio of online-focused businesses that serve untapped opportunities in emerging markets.

why it matters
SPACs in the tech industry have skyrocketed in popularity in the last year, partly due to the uptick in valuations through this method. It's no longer the case that this is handy only to companies looking to go public, but for other funding purposes too.