Deals Digest: SG SPAC 8i Acquisition 2 raises $86.3m; Ascendo launches $33m fund

Photo by Josh Appel on Unsplash

Singapore-based blank cheque firm 8i Acquisition 2 Corp has raised capital in its US IPO while S Korean investor Ascendo Ventures has launched a $33-million fund.

8i Acquisition 2 Corp raises $86m in US IPO

8i Acquisition 2 Corp has raised $86.3 million in its initial public offering, according to an announcement.

The company closed its initial public offering of 8,625,000 units at an offering price of $10.00 per unit, which includes 1,125,000 units issued pursuant to the full exercise of the underwriter’s over-allotment option, for aggregate gross proceeds to the company of $86,250,000.

8i Acquisition 2 Corp. is a blank check company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

The SPAC is led by businessman Meng Dong (James) Tan who is the chief executive officer and director of 8i Acquisition 2 Corp as well as other entities of the 8i group including 8i Capital, 8i Holdings and 8i Enterprises.

He is joined by CFO and director William Yap, the founder and director of Cataya, which originates private equity transactions, loans, and M&A deals in Asia.

In its filing, 8i Acquisition 2 said it will pursue prospective targets in Asia, particularly businesses with an enterprise value of between $100 million and $500 million that are preferably already cash-generative.

Ascendo Ventures launches $33m fund

South Korean early-stage VC firm Ascendo Ventures has launched a $33 million fund to invest in startups that incorporate ESG values in their business models.

The fund, called Ascendo New Horizon Fund, will find opportunities in startups looking to drive developments in the renewable energy, food tech, and carbon emissions technology sectors, as well as businesses with blockchain-driven and decentralized governance structures.

The investment firm looks to increase the fund size to $70 million.

Previously, the investment firm operated Ascendo Genesis Fund which primarily invested in pre-Series A stage Korean tech startups in the areas of contactless tech services and platforms.

Most recently, Ascendo Ventures joined a $21 million in an additional Series B funding round led by InterVest and Kiwoom Investment in S Korea’s agritech startup N.Thing.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.