Arrow Capital (“Arrow”), a regulated financial and investment advisory business, with offices in the Dubai International Financial Centre and Mauritius, announces the closing of the initial public offering of a $240 million technology SPAC, Tribe Capital Growth Corp I. Arrow has co-sponsored the SPAC, in partnership with leading Silicon Valley venture capital firm Tribe Capital. Tribe Capital Growth Corp I’s units are trading under the ticker ATVCU on Nasdaq.
The blank check company will seek a target in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection points in their growth trajectory.
The SPAC listing marks an exciting step for Arrow and its investor base in the Middle East and South East Asia. The deal marks a first for Arrow Capital, which joins an elite, exclusive 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. The listing is the culmination of Arrow’s 12 months of intense due diligence and risk assessment to identify the right SPAC co-sponsor. In its collaboration with Tribe Capital, Arrow has partnered with one of the most prominent venture capital firms in Silicon Valley, offering to its investors some of the most attractive technology investment opportunities coming out of the West Coast of the United States.
Tribe Capital’s team of experts combines data scientists, engineers and entrepreneurs from some of the most prestigious technology companies in the world such as Facebook, Yahoo!, Slack, Lyft and Bridgewater. Combining this expertise with Arrow Capital’s finance pedigree facilitated the resulting successful initial public offering of the SPAC.
With this collaboration with Tribe, whose recent investments include software developer Carta, 3D-printing rocket maker Relativity Space and self-driving simulator Applied Intuition Inc, Arrow will be one of the first firms in the Middle East to present its investors the opportunity to invest in some of the most cutting edge, fast growing technologies, spanning autonomous vehicles, AI, machine learning, and enterprise software. Arrow will stand differentiated to the region’s investment managers, in granting its investors coveted early access to investment opportunities in innovative technologies alongside sophisticated tech investors around the world.
Arrow sees significant opportunity and economies of scale for technology investing in the Middle East and Asia, where the firm has significant expertise and an expanding investor base. Arrow boasts a strong track record of investment management and advisory for Asian investors, managing 70% of its assets under management out of Singapore.
Rohit Nanani, Arrow Capital’s CEO and Founder and Singaporean national, has more than 20 years’ experience including senior executive positions at UBS and Barclays Bank, and has enabled Arrow to build good access to UHNWIs and financial institutions in South East Asia. The SPAC and partnership with Tribe will only broaden further the firm’s reach in the region, enabling the company to play an increasingly active role in technology investments, on both the buy-side and the sell-side.
Arrow believes SPACs will be instrumental in facilitating greater access and adoption, enabling investors to get in early and allowing greater room for long term value creation. The rapid rise of SPACs as an effective, alternative route to growth capital has led to substantial interest from institutional investors globally. On the funding side, many blank-cheque companies have looked to Asia for M&A targets and Singapore companies are very well positioned to attract these acquisition vehicles. Arrow is energized by the potential that exists in the Middle East and South East Asia.
“The SPAC, and our collaboration with Tribe, is a major milestone for our business and our investors”, comments Nanani. “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 Gulf and in South East Asia, where growing demand from investors and family offices for wealth creation, rather than wealth preservation, means appetite for new and innovative investment structures is set to increase rapidly. We are delighted to share in this journey with Tribe and are proud to be an investment bridge for Tribe into the emerging markets. We are very excited about the potential for our collaboration and look forward to the bright future ahead.”
Arjun Sethi, Tribe Partner and Co-Founder adds, “The Middle East has fast become an increasingly attractive marketplace, hub for innovation and a valuable conduit into other emerging markets like South East Asia. To be able to access South East Asian markets and provide local investors with high quality, high return technology deals is something we are very excited about – and we are honoured to be collaborating with Arrow to enable this. Arrow’s seasoned investment experience, quality of due diligence and entrepreneurial vigour makes them an ideal collaborator for us as we continue to evolve our offering for our clients around the world.”
Tribe Co-Founder and Partner Arjun Sethi is leading the company as the SPAC’s Chairman and Chief Executive Officer. Sethi is joined by Omar Chohan, also a Tribe Partner and leader of Tribe’s Special Situations and Capital Markets Groups, who will serve as Chief Financial Officer of the SPAC. Sumit Mehta, Arrow Capital’s Managing Director, will serve as Vice President of the SPAC and Tribe Co-Founder Ted Maidenberg, will act as the Secretary of the SPAC. Arrow Founder Rohit Nanani will join the SPAC’s Board of Directors.
Cantor Fitzgerald was the sole bookrunner on the SPAC initial public offering. The SPAC initial public offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at email@example.com.
A registration statement relating to the securities has been filed with the United States Securities and Exchange Commission (the “SEC”) and became effective on March 4th 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Arrow Capital
Arrow Capital is a registered investment management company with offices in Dubai and Mauritius. Arrow Capital (DIFC) Limited is regulated by DFSA and Arrow Capital Mauritius is regulated by Mauritius FSC. Arrow Capital services include Wealth Management, Investment Advisory& Corporate Finance services to ultra-high net worth individuals, families, trusts and corporate entities around the world. As a boutique financial and investment advisory firm, Arrow Capital aims at incorporating superior values of trust and integrity while providing excellent advisory and execution. Arrow Capital has a strong network of global banks, financial institutions, investment companies across domain such as Venture Capital, Private Equity and special opportunities funds, which enable our team to curate bespoke solutions & services for our clients based across multiple jurisdictions.
For more information please visit www.arrcap.com
About Tribe Capital
Tribe Capital is a team of Silicon Valley technologists and engineers who harness data science and leverage our hands-on operating experience to accomplish two goals: to identify the most significant companies of our generation, and to generate outsized returns by driving growth at each inflection point. The firm has approximately $540 million in assets under management and has made notable investments in Bolt, Carta, Front, Instabase, Momentus, and Relativity Space. An affiliate of Tribe Capital, Tribe Capital Management, LLC, is a United States registered investment advisor.
To learn more, visit tribecap.co.