Mapbox to merge with SoftBank-backed SPAC in $2 billion deal

Sky News reports that Mapbox, a location data services provider, is in talks to go public through a merger with a blank-check firm backed by SoftBank Group Corp.

The deal could value Mapbox at around $2 billion, according to the report.

The report, which cited a U.S. banking source has it that Mapbox is in talks with SVF Investment Corp 3 to take it public.

Investment banks including Cantor Fitzgerald LP, Citigroup Inc, Deutsche Bank AG, JPMorgan Chase & Co and UBS AG could be involved in the deal, Sky News said.

SoftBank has invested in Mapbox through its tech-focused Vision Fund, which led a $164 million funding round for the company in 2017.

Mapbox, whose website showed it has raised a total $226 million so far, was valued at $1.2 billion as of April 2020, according to data from PitchBook.

Founded in 2010, the company provides mapping services and a location cloud platform for developers. The company does not have an app but it has over 700 million monthly active users of its maps and is 100% carbon neutral, according to its website.

The company’s customers include Facebook Inc, Snap Inc, IBM Corp, Lonely Planet, CNN and Instacart.