Corner Ventures-backed SPACs to raise up to $625 mln in U.S. IPOs

Corner Growth Acquisition

30/03/2021 11:51

March 30 (Reuters) - Two blank-check firms backed by an
affiliate of venture capital firm Corner Ventures are looking to
raise a total of $625 million through U.S. initial public
offerings, regulatory filings revealed on Tuesday. 
    The special purpose acquisition companies, or SPACs, Corner
Growth Acquisition Corp 2 and Corner Growth Acquisition Corp 3,
plan to sell 17.5 million units and 45 million units,
respectively. The units, comprising shares and warrants, will be
priced at $10 each. 
    California-based Corner Ventures, spun-off from venture
capital firm DAG Ventures in 2018 by partners John Cadeddu,
Marvin Tien, and Tom Goodrich, has invested in companies
including Eventbrite Inc  EB.N , Grubhub Inc  GRUB.N  and WeWork
Companies Inc. 
    In December, a SPAC by the Corner Ventures raised $400
million through an initial public offering.
    SPACs are shell companies that raise funds through an
initial public offering to take a private firm public through a
merger at a later date, allowing companies to sidestep the
hassles associated with a traditional IPO to enter public
markets. 
    In less than three months since the start of the year, SPACs
have already raised more capital through IPOs than the entire
haul of 2020, which was itself a record year, according to data
from SPAC Research. 
    Cantor is the book-running manager for the latest offerings
by Corner Ventures.

 (Reporting by Sohini Podder in Bengaluru; Editing by Shinjini
Ganguli)
 ((sohini.podder@thomsonreuters.com;))