Steve Greenfield: Unless you’ve been living under a rock, you’ll know well that the popularity of SPACs, also called blank-check companies, has soared in the last year. While 2020 saw 248 SPACs go public, raising $83 billion dollars, this year already has recorded 298 SPAC IPOs, garnering $97 billion dollars.
That means since the beginning of last year there are nearly 550 SPACs hunting for merger targets with a total of $180 billion dollars to spend.
Needless to say, markets are hot. And we’re going to see a lot more M&A activity over the remainder of the year in the auto tech space.
I hope everyone has been enjoying the Automotive Ventures March Madness contest on LinkedIn, where you get to vote for which automotive technology company is most likely to achieve a $1 billion dollar exit someday
So far, a couple of our companies have rallied incredibly strong voting support on LinkedIn.
Digital Retailing provider Digital Motors rallied over 600 votes in this last round.
DealerPolicy (CARWAVE) received 350 votes, while A2Z Sync rallied over 200 votes.
The last contender in our Final Four is FUSE Autotech who received just under 100 votes.