Press release
Mercado Libre and Kaszek close innovative $287M Initial Public Offering of Pioneer Corp SPAC and will begin talks with leading Latin American technology companies on landmark partnership
MEKA Pioneer Corp raises $287M to further strengthen the Latin American digital ecosystem.The deal introduces an innovative SPAC structure that better aligns
About this update from Mercadolibre, Inc.
[{"type":"text","content":"MEKA Pioneer Corp raises $287M to further strengthen the Latin American digital ecosystem.The deal introduces an innovative SPAC structure that better aligns incentives for all stakeholders involved.After a successful IPO, MEKA will start dialoguing with top technology companies to build a tailored partnership model. NEW YORK and MIAMI and SÃO PAULO and MEXICO CITY and BOGOTA and SANTIAGO and MONTEVIDEO, Oct. 01, 2021 (GLOBE NEWSWIRE) -- MELI Kaszek Pioneer Corp (MEKA), a SPAC created by Mercado Libre (Nasdaq:MELI) and Kaszek, today completed its IPO, raising $287M in a highly sought after capital raise that was several times oversubscribed. After closing the transaction on October 1st, the company will initiate its search for leading technology companies in Latin America to team up into the MEKA platform. This platform will facilitate the partner company’s public listing on the Nasdaq stock exchange, while simultaneously pursuing the active endorsement of MEKA’s experienced sponsors and bespoke business development and knowledge sharing opportunities with Mercado Libre and Kaszek portfolio companies. MEKA brings back together the original founding team from Mercado Libre as Sponsors. Together these executives have collectively generated over $150 billion dollars of enterprise value, either through Mercado Libre, now the largest company by market capitalization in Latin America, or through the investment portfolio of Kaszek Ventures, the leading venture capital firm in Latin America, with over 11 unicorns in their current portfolios. The goal of Mercado Libre and Kaszek is to place the innovative structure of their SPAC at the service of a leading digital company in Latin America to assist them in their capital raising, business expansion, and corporate governance efforts. In doing so, both organizations aim at fostering a stronger internet ecosystem in the region that will drive economic growth, while generating increased returns for the entrepreneurs, investors and limited partners involved. Hernan Kazah, Managing Partner at Kaszek and Co-CEO of MEKA, highlighted the favorable current market conditions which are a central part of the MEKA investment thesis, by calling out the enormous potential of companies in the Latin American consumer internet industry, “The Latin American technology ecosystem is thriving. Lots of great com...