Singapore-led Arrow Capital cosponsors US$240m SPAC with Tribe Capital

The blank check company will target the technology sector.

Financial & investment advisory Arrow Capital has announced the closing of the initial public offering of a $240m technology special purpose acquisition company (SPAC) with US-based venture firm Tribe Capital.

The SPAC, called Tribe Capital Growth Corp I, has traded on NASDAQ under the ticker ATVCU.

The blank check company will seek a target in the technology sector, pursuing mergers & acquisition opportunities with top private technology companies showing inflection points in their growth trajectory. This also aims to potentially open access to diversified investment opportunities for Gulf investors.

Arrow Capital CEO Rohit Nanani mentioned that the company has a trusted partner right at the heart of Silicon Valley’s innovative technology ecosystem with Tribe.

“We are very excited to be able to extend their expertise and insights to our network of investors in the Gulf and in Southeast 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," Nanani said.