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Patrick Grove files to raise USD 250 million through blank-check firm

Written by Tech in Asia Published on     1 min read

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Southeast Asia’s unicorns are considering a merger with a SPAC as option to go public.

Serial entrepreneur Patrick Grove, who currently runs investment firm Catcha Group, has filed to raise USD 250 million through a special purpose acquisition company (SPAC).

Grove was listed as the CEO and chairman of the blank-check firm, Catcha Investment Corp, according to a filing dated January 25. Catcha Holdings, a Cayman Islands-incorporated entity, is the sponsor for the SPAC.

With the blank-check firm, Catcha aims to look for opportunities in the technology, digital media, financial technology, or digital services sectors across Asia Pacific, with an emphasis on Southeast Asia and Australia.

“We believe that through their reputation and deep network of contacts, our team affords us with differentiated access to a wide range of investment opportunities in this space,” the company wrote.

Read this: SPAC attack—Southeast Asian unicorns ditch conventional IPOs

Catcha is the latest in a wave of SPACs looking to do business in Southeast Asia. Late last year, it was reported that Peter Thiel-linked SPAC Bridgetown was mulling over a possible merger with Indonesian ecommerce major Tokopedia.

Meanwhile, travel and bookings giant Traveloka was reportedly also evaluating a merger with a SPAC as a way to go public. Other targets in the region include Grab, Gojek, and Bukalapak.

This article was originally published by Tech in Asia

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