Recycling software startup Rubicon to go public via $2 bln SPAC deal (updated)

Rubicon Technologies

16/12/2021 12:27

(Adds deal details and background)
    Dec 16 (Reuters) - Leonardo DiCaprio-backed Rubicon
Technologies, a software maker for waste and recycling
solutions, on Thursday agreed to go public through a merger with
blank-check firm Founder SPAC  FOUN.O  in a deal valuing the
combined company at about $2 billion.
    Climate awareness and investor interest in sustainable
business  practices has surged this year with money managers
looking to factor in environmental social governance (ESG)
policies as impact-investing gains momentum.
    Rubicon, founded in 2008, provides technology-driven
solutions for waste management to enterprises such as Starbucks
 SBUX.O  and Apple  AAPL.O  in order to limit their emissions
and carbon footprint.     
    The deal with Founder SPAC  FOUN.O  will provide Rubicon
with up to $432 million in gross proceeds - about $321 million
from the special purpose acquisition company's (SPAC) trust
account and $111 million from investors such as Palantir
Technologies  PLTR.N , the New Zealand Super Fund and Rodina
Capital.  
    SPACs are publicly-listed companies formed with the
intention of merging with a private company at a later date. For
the company going public, a SPAC merger serves as an alternative
to a traditional IPO.
    After the deal closes, Rubicon will list on the Nasdaq under
the ticker symbol "RBT". 

 (Reporting by Manya Saini and Sohini Podder in Bengaluru;
Editing by Krishna Chandra Eluri)
 ((Manya.Saini@thomsonreuters.com;))