Patrick Grove files to raise $250m through blank-check firm

Serial entrepreneur Patrick Grove, who currently runs investment firm Catcha Group, has filed to raise US$250 million through a special purpose acquisition company (SPAC).

Patrick Grove, co-founder of Catcha Group / Photo credit: Patrick Grove

Grove was listed as the CEO and chairman of the blank-check firm, Catcha Investment Corp, according to a filing dated January 25. Catcha Holdings, a Cayman Islands-incorporated entity, is the sponsor for the SPAC.

With the blank-check firm, Catcha aims to look for opportunities in the technology, digital media, financial technology, or digital services sectors across Asia Pacific, with an emphasis on Southeast Asia and Australia.

“We believe that through their reputation and deep network of contacts, our team affords us with differentiated access to a wide range of investment opportunities in this space,” the company wrote.

Catcha is the latest in a wave of SPACs looking to do business in Southeast Asia. Late last year, it was reported that Peter Thiel-linked SPAC Bridgetown was mulling over a possible merger with Indonesian ecommerce major Tokopedia.

Meanwhile, it was also reported that travel and bookings giant Traveloka was evaluating a merger with SPACs as a way to go public.

See Also: As SPACs target Tokopedia and Traveloka, here’s what you need to know

Other targets in the region include Grab, Gojek, and Bukalapak, a report noted.