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Zulily co-founder’s SPAC raises $300 million
April 30, 2021 at 9:16 am
Mark Vadon is on the prowl for the next e-commerce superstar.
Vadon, who previously co-founded Zulily and Blue Nile and served as chairman of online pet products retailer Chewy, is the CEO of a new “blank check” company called Big Sky Growth Partners that just raised $300 million via a special purpose acquisition company (SPAC).
Trading on the Nasdaq under the ticker BSKYU, Big Sky shares fell slightly from its $10 offering price on its first day of trading, yet another signal that the red hot SPAC market may be cooling.
Even still, Big Sky now has $300 million to go after a retail or direct to consumer company. The newly-formed SPAC, created in February, said it has yet to identify an acquisition target.