Powered Brands, a blank check company formed by Greycroft and entrepreneur Katherine Power targeting a consumer business, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO and Director Katherine Power, who serves as co-founder and CEO of Clique Brands, known for its digital brand WhoWhatWear.com; Power also serves as CEO of Power Beauty (dba Merit) and Offspring Beauty (Versed), and last year co-founded clean wine brand Avaline. She is joined by Chairperson Dana Settle, co-founder and Managing Partner of Greycroft, and CFO Brianna Mobrem, who currently serves as CFO of Clique Brands. The company plans to target beauty, wellness, and consumer-related businesses.
Powered Brands plans to list on the Nasdaq under the symbol POWRU. Credit Suisse acted as a lead manager on the deal.
