Spencer Rascoff, the co-founder of the online real estate listings giant Zillow, has made his mark as one of the major beneficiaries of the boom of special-purpose acquisition companies (SPACs). He launched his first SPAC and raised $350 million in October 2020, and then a second aiming to raise $250 million earlier this month.

Now, Rascoff is back with a third SPAC seeking to raise $250 million from an initial public offering (IPO). The third SPAC, Supernova Partners Acquisition Company III, has filed with the US SEC to raise $250 million by selling 25 million shares for $10 each. Each share unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. 

As expected, Supernova Partners Acquisition Company III will seek to merge with a technology company. With the expertise of Rascoff in this space as a serial entrepreneur along with that of his two other partners, private equity veterans Michael Clifton and Robert Reid, it’s highly probable that they’ll scout a lucrative merger deal.

Rascoff is a serial tech entrepreneur who sold his first company, Hotwire, in 2003 to IAC for $685 million. After that, he founded Zillow and built it into a publicly-traded online real estate listings giant worth billions of dollars.

After leaving the CEO role at Zillow in 2019 and then resigning from the company’s board in 2020, Rascoff co-founded two smaller companies, the tech news site dot.la and Pacaso, a platform for shared real estate ownership. Still building these companies, he’s on the side launching SPACs via an investment firm he formed with his two other partners, Supernova.

Rascoff is also a current board member at Palantir, the publicly-traded data mining and analytics company founded by Peter Thiel.

Photo credit: Fortune Conferences, licensed under CC BY-NC-ND 2.0

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