Renaissance Capital logo

Enterprise software SPAC Arrowroot Acquisition files for a $250 million IPO

February 11, 2021
ARRWU

Arrowroot Acquisition, a blank check company formed by Arrowroot Capital targeting enterprise software, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.

The Marina Del Rey, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Arrowroot Acquisition would command a market value of $313 million.

The company is led by CEO and Chairman Matthew Safaii, the founder and Managing Partner of investment advisory firm Arrowroot Capital, and CFO, President, and Vice Chairman Thomas Olivier, who currently serves as a Managing Director at Houlihan Lokey but plans to join Arrowroot Capital upon completion of the offering. The company plans to leverage its management team's experience and target the enterprise software sector.

Arrowroot Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ARRWU. The company filed confidentially on January 8, 2021. Cantor Fitzgerald is the sole bookrunner on the deal.