OkCupid Founders File For SPAC IPO With Online Dating Potential
OkCupid co-founders Sam Yagan and Christian Rudder are in the process of filing for an IPO, with their newly created special acquisition company (SPAC) Corazon Capital V838 Monoceros.
The SPAC trend has taken off exponentially in the financial sector so far this year, with more than $26 billion raised in January alone, compared to $83 billion throughout the whole of 2020. They are created with the intention of merging with or acquiring a private business, in order to take it public.
Colloquially known as ‘blank-check companies’, SPACs are independently floated on the stock market and given 24 months to connect with a partner.
Corazon Capital V838 Monoceros is aiming to raise $200 million from its IPO by offering 20 million shares to investors at $10 apiece. However, there are hopes that this figure could increase to somewhere in the region of $230 million.
According to Seeking Alpha, Yagan and Rudder are planning to target consumer technology, so there is an opportunity for the pair to return to the online dating industry.
They wrote in the SEC filing submitted two weeks ago: “We will look for opportunities with certain business attributes or in certain categories, including but not limited to businesses [in] sectors such as education, social media and dating, and ecommerce.”
Phil Schwarz, a former CMO at Tinder, is also involved in the new venture as the Chief Strategy Officer.
Earlier this year, Match Group’s former SVP of Corporate Development and Investor Relations Lance Barton was hired by PLBY Group as the company was going public through a SPAC. He started this week as the CFO.
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