Whereas it could be good to write down about one thing aside from yet one more tech firm seeking to listing by way of a SPAC, the offers hold dropping, so our extra conventional fare of masking startup developments will stay on maintain for no less than in the future extra.
This morning, we’re trying on the Jam Metropolis deal to merge with DPCM Capital. Jam Metropolis is a bit like Zynga, however until you’re a mobile-gaming aficionado, you won’t have heard of it.
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You doubtless haven’t heard of DPCM Capital, both, however extra about it than you’d assume.
As Jam Metropolis notes in a launch, the SPAC is “led by Emil Michael.” Michael is most well-known for his time at Uber, the place he served as chief enterprise officer. He left the agency, as The New York Instances wrote in 2014, after a board-called “investigation into [the company’s] tradition and enterprise practices” led to a “advice for Mr. Michael to exit Uber.”
He’s the gentleman who floated the thought of funding a workforce to “dig up grime” of Uber’s “critics within the media,” as Buzzfeed Information reported in late 2014.
Regardless, we’re not right here to return via Uber and its varied cultural messes. We’re right here to dig into the Jam Metropolis SPAC deck to see if the corporate is much like Zynga. Why can we wish to know that? As a result of Zynga has completed nice in current quarters, together with posting report income and bookings within the first three months of 2021.
With numerous people caught at house within the final yr, gaming has completed nicely in combination. And cell gaming is a large chunk of the bigger gaming world.
Extra broadly, why can we care about Jam Metropolis’s SPAC transaction? As a result of the cell gaming concern has raised greater than $300 million, together with a $145 million spherical in 2019 that TechCrunch lined right here.
The corporate attracted capital from Austin Ventures, Netmarble, Financial institution of America Merrill Lynch and JP Morgan Chase whereas non-public, per Crunchbase, so we’re very curious if Jam Metropolis has loved a Zynga-like previous few years and the way it’s being valued as a part of the SPAC deal. Let’s discover out.
Jam Metropolis’s SPAC transaction
When Jam Metropolis raised that massive 2019 spherical, co-founder and CEO Chris DeWolfe stated that the “international cell video games market [is] consolidating.” On the time, the corporate supposed to make use of a few of its new funding to amass different cell gaming firms.