UAE’s Arrow Capital backs $240m tech-centric SPAC listing on Nasdaq

Dubai’s financial and investment advisory company, Arrow Capital, confirmed the closing of the initial public offering of a $240m technology SPAC, Tribe Capital Growth Corp I.

Arrow, which has offices in DIFC and Mauritius, has co-sponsored the SPAC, in partnership with Silicon Valley venture capital firm Tribe Capital. Tribe Capital Growth Corp I’s units are trading under the ticker ATVCU on Nasdaq.

The blank check company will seek a target in the technology sector, pursuing M&A opportunities with private technology companies. The deal marks a first for Arrow Capital, which joins a 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.

Tribe Capital’s team of experts combines data scientists, engineers and entrepreneurs from technology companies in the world such as Facebook, Yahoo!, Slack, Lyft and Bridgewater. With this collaboration with Tribe, Arrow present Gulf investors the opportunity to invest in some of the fast growing technologies, spanning autonomous vehicles, AI, machine learning, and enterprise software.

“The SPAC, and our collaboration with Tribe, is a major milestone for our business and our investors,” said Rohit Nanani, Arrow Capital’s CEO and founder.

“As innovators in our industry, we are constantly seeking new, exciting investment opportunities for our clients. In Tribe, we have a trusted partner right at the heart of Silicon Valley’s innovative technology ecosystem. We are very excited to be able to extend their expertise and insights to our network of investors in the region, delivering greater access to fast growing companies and much-needed diversification.”

Arjun Sethi, Tribe partner and co-founder, added: “The Middle East has fast become an increasingly attractive marketplace. The region’s commitment to technology innovation, rising community of entrepreneurs and infrastructure development has made it a hub for global trade and investment, and a valuable conduit into emerging markets. Expanding our network into the Gulf has been on our radar for quite some time, and we are honoured to be collaborating with Arrow to enable this.”

Arjun Sethi is leading the company as the SPAC’s chairman and CEO, who is joined by Omar Chohan, also a Tribe partner and leader of Tribe’s Special Situations and Capital Markets Groups, who will serve as chief financial officer of the SPAC.

Sumit Mehta, Arrow Capital’s managing director, will serve as vice president of the SPAC and Tribe co-founder Ted Maidenberg, will act as the secretary of the SPAC. Arrow founder Rohit Nanani will join the SPAC’s board of directors. Cantor Fitzgerald was the sole bookrunner on the SPAC initial public offering.