- GeneralIPOSPAC
- February 14, 2021
- 3 minutes read
LinkedIn, Zynga Founders Form Third SPAC To Raise $850M
The founders of the tech companies LinkedIn and Zynga, by names Reid Hoffman and Mark Pincus respectively, have formed their…
The founders of the tech companies LinkedIn and Zynga, by names Reid Hoffman and Mark Pincus respectively, have formed their third special-purpose acquisition company (SPAC) after debuting their second only three months ago. Their new SPAC, Reinvent Technology Partners Y, has filed to raise $850 million in an initial public offering.
The filing for a new SPAC from Hoffman and Pincus comes even as their two previous SPACs haven’t formally announced merger deals. Though, there have been rumors of the both of them having respective merger discussions with the insurance startup Hippo and electric aircraft startup Joby Aviation.
As expected, Hoffman and Pincus’s new SPAC will target to merge with a technology company.
It seems that Hoffman and Pincus are each looking to make their mark in the SPAC world after having previously founded and built major technology companies. Hoffman founded LinkedIn and built it from its infancy through a blockbuster $26 billion sale to Microsoft in 2016, and likewise, Pincus founded and built Zynga into a publicly-traded social gaming giant worth billions of dollars.
Hoffman and Pincus teamed up with a third partner by the name Michael Thompson to form an investment firm, Reinvent Capital, under which they’ve launched consecutive SPACs. Thompson is a co-founder of the investment firm BHR Capital.
Before now, the two previous SPACs launched by Hoffman and Pincus had raised a total of $800 million – $200 million for the first and $600 million for the second. Now, the third SPAC from the team is seeking to raise $850 million by selling 85 million share units for $10 each. It plans to list on the Nasdaq under the ticker symbol “RTPYU”.
