Zillow’s Former CEO goes for the third SPAC

Josh Fraser Mar 12th, 2021 / Real Estate, Zillow, Spac, Industry News

On February 10, 2021, Zillow co-founder Spencer Rascoff announced the launching of his second special purpose acquisition company (SPAC). With this third blank-check company, Rascoff aims to raise $287.5 million. 


Supernova Partners Acquisition, Rascoff's first SPAC, raised $350 million in October last year. Named as Supernova Partners Acquisition III, it will aim to target $250 million.

The initial offering is $250 million for the new SPAC, with a $287.5 million top line if the public offering underwriters want to exercise their rights to buy additional shares. Rascoff left Zillow in 2019 after stepping down from the CEO position and since started a second-home startup named Pacaso. He led Zillow for almost a decade and has been firmly inclined to take up the alternative to the conventional IPO phase as special purpose acquisition companies the SPAC frenzy of the past year.

Zillow is the leading rental and real estate platform that connects customers to the best local professionals. They can help them with data, inspiration, and information about their homes. The company is listed on NASDAQ: Z and NASDAQ: ZG. Zillow serves the entire lifecycle of owning and living in a home. A marketplace for real estate and rental, it is committed to helping homeowners, buyers, sellers, tenants, real estate brokers, mortgage agents, landlords, and property managers find and exchange essential information related to home, real estate, mortgage, and home improvement.

Rascoff collaborates with Michael Clifton (former Carlyle Group principal) for Supernova III, Robert Reid (the executive of ex-Blackstone Group) and Alexander Klabin of Sotheby's Financial Services, and. Rascoff, alongside Alexander Klabin, will serve as co-chairman of the D.C.-based special purpose acquisition company. CEO Robert Reid will lead the company, who led 15 private equity investments totaling over $40 billion in deal value.

As per the statements made by the company in the Securities and Exchange Commission filing, it believes that there are substantial opportunities to invest in technology companies that are valued between approximately $1 billion and $5 billion and are in good shape to benefit from thematic changes and technology-enabled trends. With the vast and complementary expertise of the team, Supernova III aims to partner with an organization on the broader technology market but based on business solutions.

Subscribe for more updates

Insights on industry trends, data, technology and everything in between.

Subscribe to receive Estated newsletters right in your inbox.

Return to blog