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

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

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.

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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