The Daily Dish (7/06/21)
Nextdoor, A neighborhood network company, announced plans to go public this week through an SPAC merger with Khosla Ventures Acquisition Co II. The transaction values the combined entity at $4.3 Billion, with the company being listed on Nasdaq under the new ticker ‘KIND’.
Nextdoor has established its presence in over 275,000 neighborhoods, with 1 in 3 households in the US turning to Nextdoor to access trusted information and build real world connections with neighbors, businesses and public services. The company focuses on bringing together various stakeholders to get things done locally and build thriving communities.
The transaction will generate $686 million in gross proceeds, including a $270 million PIPE investment. The merger will enable Nextdoor to accelerate growth through new hires, expansion of monetization and continued development of new products to build stronger, more vibrant, and resilient neighborhoods.
Following the merger, Nextdoor CEO Sarah Friar, Co-Founders Nirav Tolia, Sarah Leary and Prakash Janakiraman, and founding investor Bill Gurley will each contribute a portion of their personal ownership in Nextdoor to form and sustainably fund the Nextdoor Kind Foundation, a nonprofit foundation dedicated to helping neighbors rejuvenate their neighborhoods through targeted grants.
Games Industry titan, Activision-Blizzard has purchased a stake of 11.6% in Play Studios, after its SPAC merger with Acies Acquisition Corp.
Play studios is known for casino based Free to play social smartphone titles and currently has over 4 million monthly active users.
Neither company has publicly disclosed the transaction, but the deal was found through Play Studios SEC filings.
Play studios launched back in 2011 and has a portfolio of casino games including myVegas Slots, myKonami Slots, myVegas Blackjack, POP! Slots and myVegas Bingo.
System1 just announced an SPAC Merger with Trebia Acquisition and will list on the NYSE later this year with a valuation of $1.4 billion under the ticker ‘SST’.
Part of the deal involves System1’s merging with Protected.net, a developer of security subscription products. System1 operates as a omnichannel customer acquisition platform and operates sites such as MapQuest, Startpage, HowStuffWorks, info.com, and CarsGenius.
At the core, the company operates a sophisticated traffic arbitrage business. It spends around $500 million per year to drive 1.3 billion visits to its websites. 800 million of these visitors then go to an advertisers website through a Google and Bing Feed.