UAE Company Co-sponsors $240 million tech SPAC

Arrow Capital, a regulated financial and investment advisory company, with offices in the Dubai International Financial Centre and Mauritius, announced 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.

UAE Company Co-sponsors $240 million tech SPAC

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 Gulf 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 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 – and Arrow is energized by the potential that exists in the Middle East.