SPAC: Online Grocer Boxed To Go Public In $900M Deal

Boxed logo

Boxed, an online wholesaler of groceries and related products, is the latest tech startup going public through a SPAC merger. It’s agreed to merge with Seven Oaks Acquisition Corp. [Nasdaq: SVOK] to become a public company.


  • The merger deal values Boxed at approximately $900mn, precisely $887mn. It’s a solid valuation for a startup that reportedly rebuffed a $500mn acquisition offer (from grocery chain Kroger) in 2018.
  • From its merger, Boxed will get $259mn of cash held in trust by Seven Oaks and then a $120mn PIPE round from a group of asset managers. The PIPE round includes the sale of equity ($32mn) as well as convertible bonds ($88mn). 
  • All in, Boxed will emerge with $334mn of net cash proceeds from its merger. That’s even more than the $244mn of venture funding it’s raised in total as a privately-held startup.
  • Boxed is a “big box” grocery e-tailer, that is corporate-speak for wholesales. Its platform is focused on bulk-sized shopping, whereby it says customers order eight items on average at sub $100 prices.
  • According to its investor presentation, Boxed had $187mn in net revenue in 2020, up slightly from $174mn in 2019. Its 2020 adjusted EBITDA was $18mn.
  • Upon completing its merger, Boxed will start trading on the Nasdaq stock market.

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