Mark Vadon, the Seattle e-commerce entrepreneur who co-founded Zulily and Blue Nile and served as chairman of Chewy, is becoming a member of the SPAC craze.
Vadon has emerged because the chairman and CEO of Big Sky Growth Partners, a clean verify firm that’s seeking to increase $300 million by way of an preliminary public providing.
Becoming a member of him within the SPAC are:
- Paul Ferris, a common companion with San Francisco enterprise capital agency Azure.
- Lauren Neiswender, the previous common counsel at Blue Nile who beforehand labored as an legal professional at Wilson Sonsini Goodrich & Rosati.
- Darrell Cavens, the previous CEO of Zulily, serves as a director of Massive Sky Progress.
- And Mary Alice Taylor, the previous CEO of HomeGrocer.com who beforehand served on boards together with Allstate, Autodesk, Sabre Holdings and Blue Nile is also a director.
In a SEC filing, Massive Sky Progress says it has not but recognized a goal acquisition. The submitting doesn’t go into element about the kind of firm Massive Sky plans to go after, however the e-commerce expertise of the crew definitely factors in that route. It plans to commerce on Nasdaq beneath the ticker BSKYU.
“We’ll search to companion with an organization that’s efficiently capturing market share in a big addressable market with vital future alternative,” the corporate writes within the submitting. “We’ll give attention to these corporations for which speedy progress and buyer adoption is fueled by their compelling shopper worth proposition versus these for whom progress is derived primarily from vital advertising spend.”
SPACS, particular goal acquisition corporations, are one of many hottest monetary devices. They primarily permit a shell firm with no enterprise operations or product choices to go public, with the hopes of buying a goal firm sooner or later.
SPACinsider tracked 248 SPACs final 12 months, a greater than 4 fold improve over 2019. And this 12 months the SPAC frenzy is accelerating with 204 SPACs producing gross proceeds of $64 billion.
Vadon retains a low profile round Seattle, however he’s one of the vital skilled leaders within the discipline of e-commerce and has discovered niches through which to compete with Amazon. He’s additionally an investor in Seattle space consumer-oriented corporations similar to Rad Energy Bikes and Flyhomes.
In a uncommon look on the 2014 GeekWire Summit, Vadon spoke about the necessity to preserve quiet when constructing new ventures.
“When you find yourself drilling and also you hit an oil patch, the very last thing you need is folks coming and drilling proper subsequent to you,” stated Vadon.
Vadon additionally has loads of expertise on Wall Road.
On-line pet product market Chewy went public in 2019 at $22 per share, and is now buying and selling at $104 with a market worth of $43 billion. Zulily priced its IPO in 2013, and later offered to Qurate Retail Group for $2.four billion. And on-line jewellery retailer Blue Nile, which Vadon based and led for quite a few years, accomplished an IPO in 2004.