#UAE's Arrow Capital co-sponsors $240mln Nasdaq tech SPAC | ZAWYA MENA Edition

UAE's Arrow Capital co-sponsors $240mln Nasdaq tech SPAC | ZAWYA MENA Edition

UAE's Arrow Capital, a financial and investment advisory company, said it co-sponsored a special purpose acquisition company (SPAC), Tribe Capital Growth Corp I, which raised $240 million in its initial public offering on the Nasdaq Capital Market.

The SPAC is a blank check company seeking targets in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection points in their growth trajectory, Arrow Capital said in a statement.

Tribe Capital, a US venture capital firm, was the other co-sponsor.

Arrow Capital said that in its collaboration with Tribe Capital, it 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."

Arrow Capital has offices in the Dubai International Financial Centre and Mauritius. Via SPAC, it will enable Gulf investors much greater access to high quality deal flow and will offer UAE and GCC investors diversification for their investments, with exclusive access to Silicon Valley technology deals.