Rocket Internet Co-founder, Oliver Samwer, floats $250 million tech SPAC

Oliver Samwer, the co-founder of the German incubator company that started Jumia, Rocket Internet, has filed for the floating of a $250 million SPAC.

According to a report by Bloomberg, the special-purpose acquisition vehicle that will look for a technology deal outside of the U.S.

Rocket’s Chief Executive Officer and co-founder Oliver Samwer, board member Soheil Mirpour, and Donald Stalter, who managed North American investments for private equity firm GFC Global Founders Capital GmbH, will run the blank-check company, which will sell shares on the New York Stock Exchange, the group said in a regulatory filing on Tuesday.

Rocket Internet Growth Opportunities Corp. will look for targets in enterprise software, artificial intelligence, health and financial technology, e-commerce and other marketplaces.

Rocket is joining a boom in SPAC filings that investors are using to take advantage of soaring valuations, particularly for technology shares. These vehicles use funds raised from their initial public offerings to buy a private company, which then takes over the stock market listing.

The Rocket Internet Growth vehicle will sell 25 million units at $10 each. The units will consist of a share in the blank-check company and one quarter of a warrant that can be redeemed for a share at $11.50, the company said. Citigroup Inc. is the sole bookrunner.

At the same time, Samwer is working to take Rocket Internet private after the shares declined over the past last year.

Rocket Internet founded Jumia in 2012 and later sold off its stakes in the company after listing on the NYSE in 2019.