Tribe Capital, Founded by Social Capital Alum, Plan SPAC
(Bloomberg) -- Venture firm Tribe Capital is seeking to raise $200 million for a special purpose acquisition company that could go public as soon as January, according to people with knowledge of the matter.
Tribe Capital Growth Corp. will seek a target in the technology sector and is in talks with potential underwriters, said the people, asking not to be identified because the matter is private. Tribe co-founder Arjun Sethi is set to be the SPAC’s chief executive officer, and Dubai-based Arrow Capital is slated to sponsor the SPAC alongside Tribe. Its board is expected to include Tribe co-founder Ted Maidenberg and Arrow founder Rohit Nanani.
Like FirstMark Horizon Acquisition Corp., which raised $414 million in an October IPO, the Tribe SPAC won’t be prohibited from pursuing a transaction with a company affiliated with its sponsors or directors, such as one within its portfolio, one person said. FirstMark Horizon -- backed by venture firm FirstMark Capital-- said in a filing that it will seek a fairness opinion from an independent adviser should it choose to strike a deal with a related entity.
Tribe declined to comment. An Arrow Capital representative didn’t immediately reply to a request for comment.
More than $70 billion, a record sum, has been raised via U.S. SPACs this year, according to data compiled by Bloomberg.
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