The deal with Reinvent Technology Partners, backed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus, gives the company an implied valuation of US$6.6 billion. The Santa Cruz, Calif.-based firm will receive up to US$690 million from the special-purpose acquisition company (SPAC) and US$835 million from a private placement. (The Logic)
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The deal with Reinvent Technology Partners, backed by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus, gives the company an implied valuation of US$6.6 billion. The Santa Cruz, Calif.-based firm will receive up to US$690 million from the special-purpose acquisition company (SPAC) and US$835 million from a private placement. (The Logic)
Talking point: Joby has taken in US$803 million in funding to date, per PitchBook data, from backers including Uber and Toyota. The company said its hexacopters will be in commercial service in 2024. The SPAC boom has brought companies working on longer time horizons—such as space-tourism firm Virgin Galactic or pre-delivery electric-snowmobile maker Taiga—to public markets, and attracted some big-name sponsors for the empty shells. New entrants reportedly include Hong Kong billionaire Li Ka-shing, as well as Jennifer Lopez’s fiancé Alex Rodriguez, whose SlamCorp began trading on the Nasdaq on Tuesday. “We are targeting a business in sports, media, entertainment, or health & wellness–-one with differentiated technology,” the former New York Yankees shortstop tweeted.
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