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LinkedIn Founder And Zynga Founder Team Up On New SPAC

LinkedIn Founder And Zynga Founder Team Up On New SPAC

The SPAC market continues to heat up with famous investors and former CEOs getting involved. Reid Hoffman and Mark Pincus are behind Reinvent Technology Partners (NYSE:RPU), a new technology SPAC.

The Leadership Team: Hoffman and Pincus met in 2002 and have been involved in numerous projects together since then. They partnered to produce a “six degrees patent,” which helped develop social networking. They led the seed round in Friendster and were among the early investors in Facebook (NASDAQ: FB).

Hoffman co-founded and served as a manager with Paypal (NASDAQ: PYPL). Hoffman would go on to create LinkedIn in 2002, which was later acquired by Microsoft (NASDAQ: MSFT) for $26.2 billion. Hoffman was also involved with, an online dating platform and among the first social networking sites.

Mark Pincus is best known as the founder of Zynga Inc. (NASDAQ: ZNGA). Zynga was one of the first companies outside Asia to sell virtual goods in a mass-market game and helped popular the social game. Zynga had 230 million MAU when it went public in 2011. Zynga has a market capitalization of $10 billion and over 1 billion players worldwide.

See Also: Fintech SPAC Led By Former TD Ameritrade CEO Seeks $225M IPO

The Offering: The filing calls for 69 million shares to be listed under symbol RPU. These will price at $10 each and include a one-fourth redeemable warrant to buy a share at a price of $11.50.

Reinvent Technology: Pincus and Hoffman plan to partner with an existing technology company. The leadership team plans to remain active with the CEO of the acquired company and provide “protagonist capital.”

The founding team also believes it can help an acquired company with deep operating experience, product excellence, and expertise with transformative technologies.

The management team believes it will have a strong pool of possible companies to select from. There are 417 private technology companies with $1 billion valuations, compared to 18 in 2010.


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Posted-In: LinkedIn Mark Pincus Reid Hoffman SPAC Special Purpose Acquisition CompanyNews IPOs Tech Best of Benzinga

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