SPAC Papaya Growth Opportunity I files for a $250 million IPO, targeting tech and media

Papaya Growth Opportunity I, a blank check company backed by Launchpad Capital targeting tech and media, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The 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, Papaya Growth Opportunity I would command a market value of $329 million. 

The Oakland, CA-based company is led by CEO and Director Clay Whitehead, founder of tech-focused Pomegranate Ventures, and CFO Daniel Rodgers, founder and CEO of FintechForce, an advisory firm for venture-backed fintech companies. Launchpad Capital founder and General Partner Ryan Gilbert serves as an advisor. The company plans to leverage management's experience and target the software, internet, media, fintech, healthcare IT, or consumer industries, with a particular focus on vertical solutions driven by AI, marketplaces, platforms, and networks. 

Papaya Growth Opportunity I was founded in 2021 and plans to list on the Nasdaq under the symbol PPYAU. Cantor Fitzgerald is the sole bookrunner on the deal.