UAE's Arrow Capital Co-sponsors $240 million Nasdaq tech SPAC in partnership with Silicon Valley-Based VC Tribe Capital
- Tribe Capital Growth Corp I, a special purpose acquisition company (SPAC) with a focus on technology, has successfully raised $240 million in its initial public offering on The Nasdaq Capital Market.
- The SPAC was co-sponsored by Arrow Capital Group, a leading wealth management and investment advisory firm and Tribe Capital, a leading US venture capital firm.
- One of the first deals of its kind for a Middle East and South East Asia-based SPAC sponsor, investment demand for the SPAC was significant.
- Tribe Capital Growth Corp I will target the tech sector, potentially opening access to diversified investment opportunities for Gulf investors.
DUBAI, United Arab Emirates, March 8, 2021 /PRNewswire/ -- Arrow Capital ("Arrow"), a regulated financial and investment advisory company, with offices in the Dubai International Financial Centre and Mauritius, announces the closing of the initial public offering of a $240 million technology SPAC, Tribe Capital Growth Corp I. Arrow has co-sponsored the SPAC, in partnership with leading Silicon Valley venture capital firm Tribe Capital. Tribe Capital Growth Corp I's units are trading under the ticker ATVCU on Nasdaq.
The blank check company will seek a target in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection points in their growth trajectory.
The SPAC listing marks an exciting step for Arrow and its investor base in the Middle East and South East Asia. The deal marks a first for Arrow Capital, which joins an elite, exclusive group of Middle East investment firms, including Abu Dhabi's Mubadala Capital and Saudi Arabia's Public Investment Fund who were both involved in recent SPAC investments earlier this year. The listing is the culmination of Arrow's 12 months of intense due diligence and risk assessment to identify the right SPAC co-sponsor. In its collaboration with Tribe Capital, Arrow has partnered with one of the most prominent venture capital firms in Silicon Valley, offering to its investors some of the most attractive technology investment opportunities coming out of the West Coast of the United States.
Tribe Capital's team of experts combines data scientists, engineers and entrepreneurs from some of the most prestigious technology companies in the world such as Facebook, Yahoo!, Slack, Lyft and Bridgewater. Combining this expertise with Arrow Capital's finance pedigree facilitated the resulting successful initial public offering of the SPAC.
With this collaboration with Tribe, whose recent investments include software developer Carta, 3D-printing rocket maker Relativity Space and self-driving simulator Applied Intuition Inc, Arrow will be one of the first firms in the Middle East to present Gulf investors the opportunity to invest in some of the most cutting edge, fast growing technologies, spanning autonomous vehicles, AI, machine learning, and enterprise software. Arrow will stand differentiated to the region's investment managers, in granting its investors coveted early access to investment opportunities in innovative technologies alongside sophisticated tech investors around the world.
Arrow sees significant opportunity and economies of scale for technology investing in the Middle East and believes SPACs will be instrumental in facilitating greater access and adoption, enabling investors to get in early and allowing greater room for long term value creation. The rapid rise of SPACs as an effective, alternative route to growth capital has led to substantial interest from institutional investors globally – and Arrow is energized by the potential that exists in the Middle East.
"The SPAC, and our collaboration with Tribe, is a major milestone for our business and our investors", comments Rohit Nanani, Arrow Capital's CEO and Founder. "As innovators in our industry, we are constantly seeking new, exciting investment opportunities for our clients. In Tribe, we have a trusted partner right at the heart of Silicon Valley's innovative technology ecosystem. We are very excited to be able to extend their expertise and insights to our network of investors in the region, delivering greater access to fast growing companies and much-needed diversification. We are delighted to share in this journey with Tribe and are proud to be an investment bridge for Tribe into the Middle East. We very excited about the potential for our collaboration and look forward to the bright future ahead."
Arjun Sethi, Tribe Partner and Co-Founder adds, "The Middle East has fast become an increasingly attractive marketplace. The region's commitment to technology innovation, rising community of entrepreneurs and infrastructure development has made it a hub for global trade and investment, and a valuable conduit into emerging markets. Expanding our network into the Gulf has been on our radar for quite some time, and we are honoured to be collaborating with Arrow to enable this. Arrow's seasoned investment experience, quality of due diligence and entrepreneurial vigour makes them an ideal collaborator for us as we continue to evolve our offering for our clients around the world."
Tribe Co-Founder and Partner Arjun Sethi is leading the company as the SPAC's Chairman and Chief Executive Officer. Sethi is joined by Omar Chohan, also a Tribe Partner and leader of Tribe's Special Situations and Capital Markets Groups, who will serve as Chief Financial Officer of the SPAC. Sumit Mehta, Arrow Capital's Managing Director, will serve as Vice President of the SPAC and Tribe Co-Founder Ted Maidenberg, will act as the Secretary of the SPAC. Arrow Founder Rohit Nanani will join the SPAC's Board of Directors.
Cantor Fitzgerald was the sole bookrunner on the SPAC initial public offering. The SPAC initial public offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at [email protected].
A registration statement relating to the securities has been filed with the United States Securities and Exchange Commission (the "SEC") and became effective on March 4th, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Arrow Capital
Arrow Capital is a registered investment management company with offices in Dubai and Mauritius. Arrow Capital (DIFC) Limited is regulated by DFSA and Arrow Capital Mauritius is regulated by Mauritius FSC. Arrow Capital services include Wealth Management, Investment Advisory& Corporate Finance services to ultra-high net worth individuals, families, trusts and corporate entities around the world. As a boutique financial and investment advisory firm, Arrow Capital aims at incorporating superior values of trust and integrity while providing excellent advisory and execution. Arrow Capital has a strong network of global banks, financial institutions, investment companies across domain such as Venture Capital, Private Equity and special opportunities funds, which enable our team to curate bespoke solutions & services for our clients based across multiple jurisdictions.
For more information please visit www.arrcap.com
About Tribe Capital
Tribe Capital is a team of Silicon Valley technologists and engineers who harness data science and leverage our hands-on operating experience to accomplish two goals: to identify the most significant companies of our generation, and to generate outsized returns by driving growth at each inflection point. The firm has approximately $540 million in assets under management and has made notable investments in Bolt, Carta, Front, Instabase, Momentus, and Relativity Space. An affiliate of Tribe Capital, Tribe Capital Management, LLC, is a United States registered investment advisor.
To learn more, visit tribecap.co.
Forward-Looking Statements
This press release contains, "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Arrow's, Tribe's and the SPAC's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Arrow's, Tribe's and the SPAC's expectations with respect to future performance and anticipated financial impacts of the SPAC's initial public offering, Tribe's collaboration with Arrow and the potential for Tribe to engage with investors in the Gulf, and Arrow's collaboration with Tribe and the potential for Arrow to expand its investor base more broadly within the United States of America. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of Arrow, Tribe and the SPAC and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the SPAC's securities on NASDAQ; (2) the risk that a business combination may never occur and/or that the SPAC will not be successful or that the SPAC's expenses and liability exceed current expectations; (3) the inability to recognize the anticipated benefits of any future business combination the SPAC may pursue, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (4) costs related to the SPAC's initial public offering, ongoing operations, and future business combination; (5) changes in applicable laws or regulations; (6) the possibility that Arrow, Tribe and the SPAC may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties identified in the SPAC's Form S-1/prospectus filed in connection with its initial public offering as well as additional risks and uncertainties to be identified in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and in other filings with the United States Securities and Exchange Commission ("SEC") made by the SPAC. Arrow, Tribe and the SPAC caution that the foregoing list of factors is not exhaustive. Arrow, Tribe and the SPAC caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Arrow, Tribe and the SPAC do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, unless required to do so by applicable law.
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SOURCE Arrow Capital
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