UAE’s Arrow Capital co-sponsors $240mn tech-centric SPAC listing

UAE-based regulated financial and investment advisory company Arrow Capital has confirmed the closing of the initial public offering (IPO) of a $240 million technology special purpose acquisition company (SPAC), Tribe Capital Growth Corp I.

Arrow Capital, which has offices in Dubai International Financial Centre (DIFC) and Mauritius, has partnered with Silicon Valley venture capital company Tribe Capital to co-sponsor the SPAC. Tribe Capital Growth Corp I’s units are trading under the ticker ATVCU on Nasdaq.

The blank check firm will look for a target in the technology industry, seeking mergers and acquisitions (M&A) with private technology firms. The deal marks a first for Arrow Capital, which joins a group of Middle East investment firms, including Abu Dhabi’s Mubadala Capital and Saudi Arabia’s Public Investment Fund, who were both involved in recent SPAC investments earlier this year.

Tribe Capital’s team of experts includes data scientists, engineers, and entrepreneurs from technology firms in the world such as Facebook, Yahoo, Slack, Lyft, and Bridgewater. Furthermore, Arrow is partnering with Tribe to offer Gulf investors the chance to invest in some of the fastest-growing developments, including autonomous vehicles, artificial intelligence, machine learning, and enterprise software.

“The SPAC, and our collaboration with Tribe, is a major milestone for our business and our investors. As innovators in our industry, we are constantly seeking new, exciting investment opportunities for our clients. In Tribe, we have a trusted partner right at the heart of Silicon Valley’s innovative technology ecosystem. We are very excited to be able to extend their expertise and insights to our network of investors in the region, delivering greater access to fast-growing companies and much-needed diversification.”

Arjun Sethi, Tribe partner, and co-founder said, “The Middle East has fast become an increasingly attractive marketplace. The region’s commitment to technology innovation, rising community of entrepreneurs, and infrastructure development has made it a hub for global trade and investment, and a valuable conduit into emerging markets.”

“Expanding our network into the Gulf has been on our radar for quite some time, and we are honored to be collaborating with Arrow to enable this. Arrow’s seasoned investment experience, quality of due diligence, and entrepreneurial vigor make them an ideal collaborator for us as we continue to evolve our offering for our clients around the world,” he further added.

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