Why Vertex is betting on 17Live for Singapore’s first SPAC deal

SPAC fever hit US markets a couple of years ago. While deals with special purpose acquisition companies may be less in vogue now, Singapore is finally getting in on the act.

Global VC firm Vertex Holdings’ SPAC, Vertex Technology Acquisition Corporation, recently announced plans to merge with livestreaming platform 17Live.

The deal would list 17Live on the Singapore Exchange and value the combined firm at S$1 billion to over S$1.1 billion (US$730 million to US$846.8 million).

But just what has Vertex Holdings seen in 17Live for the VC firm to make Singapore’s first SPAC deal?

As the chart above shows, 17Live thinks it has a lot of room for growth.

In 2022, the firm’s total addressable market was roughly US$6 billion, but by 2027, the figure could hit US$18 billion. This includes US$7.8 billion from livestreaming, US$6.1 billion from live commerce, and US$3.9 billion from V-Livers, the streamers who viewers support by buying virtual gifts.

These estimates are for specific Asian markets, so this could perhaps even increase if the company were to expand its existing presence in the US.

For the full story on Singapore’s first SPAC deal, click here.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.37.

Credits

Graphic: Simon Huang

Editing: Jaclyn Tiu