468 SPAC I SE, which is behind the founders of the 468 Capital Venture Fund from Berlin, wants to raise 300 million euros from investors, according to information released Tuesday. The initiators want to swallow up an internet market operator, internet retailer or software company within 24 months in order to breathe life into 468 SPAC I. The newspaper Handelsblatt reported that the stock market structure could accommodate companies valued at between 1 billion and 4 billion euros .
468 Capital only launched a € 170m startup fund last year. Behind him is former Rocket Internet director Alexander Kudlisch, investor Ludwig Ensthaler, who most recently worked at Rocket offshoot Global Founders Capital in the US, and founder of software manufacturer Mesosphere, Florian Liebert.
In the United States now there are hundreds of so-called Special Purpose Acquisition Corporations (SPAC) that are first going public and then wanting to buy the companies with the money they’ve raised. Competition for the best real estate acquisitions boosted the rankings of young companies. The SPAC fever in Europe has been limited so far. Kudlich Frankfurt has a positioning advantage as an exchange: “With only two German SPACs, we have a very different competitive situation from the USA and Amsterdam, where there are many SPACs relative to the number of good startups,” he told Handelsblatt.
Lakestar SPAC I, launched by German-Swiss investor Klaus Hummels, has been listed in Frankfurt since January. At € 10.34, the share is just above the issue price.