Campbell’s Velo3D to go public via Serena Williams-backed SPAC at $1.6bn valuation

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Campbell’s Velo3D to go public via Serena Williams-backed SPAC at $1.6bn valuation

Velo3D Inc., the Campbell, California-based printing firm, has been exploring an option to go public through a merger with an SPAC (Special Purpose Acquisition Company) or blank check firm backed by the American tennis celeb Serena Williams, which in effect would value the merged entity at a whopping $1.6 billion, the companies said in a joint statement on Tuesday.

In factuality, latest Velo3D move to go public via merger with an athlete-backed blank-check firm underscores an upscaled interest on SPAC-based investments in Wall Street by iconic sports characters, as a week earlier an SPAC that shows off Naomi Osaka and Robert Lewandowski among others as its advisers, had filed for a US IPO in context of a boom in SPAC-based public market listing on US equity markets.

Serena Williams-backed SPAC to take Velo3D public in $1.6bn valuation

In tandem, according to the financial terms of the deal disclosed earlier in the day, Velo3D Inc’s merger with Serena Williams-backed SPAC, Jaws Spitfire Acquistion Corp, would proffer the California-based printing firm an influx of fresh capital of $155 million from deep-pocket private investors such as Baron Capital Group, Hedosophia alongside others, while the deal would fetch a stark upsum of $500 million in fresh liquidities for the combined entity.

Notably, Serena Williams, a 23-time Grand Slam Champion, has long been an investor on start-ups likes of Velo3D Inc, while the joint statement published earlier in the day had said that Williams had joined Jaws Spitfire Acquistion Corp as a board member back in December last year in a bid to lend her expertise “as an entrepreneur, investor and brand-builder.

Williams had founded her own venture capital firm, Serena Williams, back in the 2014s aimed at backing start-ups that “support diverse leadership, individual empowerment and creativity”.