Monday 19 April 2021

Rohit Nanani

Arrow Capital co-sponsors $240 million Nasdaq tech SPAC

DUBAI, March 8, 2021

Arrow Capital, 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. 
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.”
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. -- Tradearabia News Service


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