Zillow co-founder Spencer Rascoff to start blank-check company

Rascoff is seeking to invest in a tech unicorn and take it public

TRD NATIONAL /
Sep.September 29, 2020 12:27 PM
Spencer Rascoff (Getty; iStock)

Spencer Rascoff (Getty; iStock)

The co-founder of Zillow and Hotwire is the latest high-profile real estate figure to join the blank-check craze.

Spencer Rascoff is co-chairing a special-purpose acquisition company (SPAC), also known as a blank-check company, that will be seeking to invest in a tech unicorn and take it public, according to Inman.

Rascoff will be joined by co-chair Alexander Klabin, who will soon become executive chairman of Sotheby’s Financial Services. Robert Reid, a former senior managing director at Blackstone, will serve as the SPAC’s CEO, while Michael Clifton, a former principal at the Carlyle Group, will be its chief financial officer.

The SEC filing for Rascoff’s SPAC says it believes “that there are significant opportunities to invest in advantaged growth companies that are well-positioned to benefit from thematic shifts and tech-enabled trends and are valued between approximately $1 billion and $5 billion.”

SPACs have made a comeback in the real estate industry recently. iBuying startup Opendoor recently announced that it will go public by merging with a SPAC that valued the startup at $4.8 billion.

Rascoff co-founded the home listing database Zillow, and served as the company’s CEO for about a decade. In February 2019, Rascoff took a role on the company’s board of directors, while his co-founder Rich Barton became CEO. In April, Rascoff stepped down from Zillow’s board of directors to concentrate on two tech startups.

[Inman] — Keith Larsen


Related Articles

arrow_forward_ios
Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over

Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over

Zillow CEO Spencer Rascoff is stepping down as his co-founder takes over
Placeholder image

Zillow to pay $50M for StreetEasy

Zillow to pay $50M for StreetEasy
Porch CEO Matt Ehrlichman (iStock; Porch)

Porch CEO: SPAC deal gives us $200M and a clean slate

Porch CEO: SPAC deal gives us $200M and a clean slate
Beike Zhaofang founder Zuo Hui (Getty; iStock)

Chinese “seashell house-hunting” proptech firm makes huge splash in US

Chinese “seashell house-hunting” proptech firm makes huge splash in US
StreetEasy GM Caroline Burton (iStock, Linkedin)

Zillow to shutter Naked Apartments

Zillow to shutter Naked Apartments
Porch CEO Matt Ehrlichman (iStock; Porch)

Porch is running out of cash: IPO filing

Porch is running out of cash: IPO filing
StreetEasy has launched a new tool offering users a private estimate of their home value. (iStock)

StreetEasy launches automated home-valuation tool

StreetEasy launches automated home-valuation tool
Abu Dhabi Investment Authority veterans Thomas Hennessey (left) and Joseph Beck (LinkedIn)

Proptech investors behind Porch SPAC eye second $175M blank-check company

Proptech investors behind Porch SPAC eye second $175M blank-check company
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...