NEW YORK, Jan. 11, 2021 /PRNewswire/ -- SoFi, A
Leading Next-Generation Financial Services Platform, Announces
Plans to Become Publicly-traded via Merger with Social Capital
SoFi has entered into a definitive agreement with Social Capital
Hedosophia Holdings Corp. V ("SCH") (NYSE: IPOE), a publicly traded
special purpose acquisition company, to bring a major
consumer-focused financial technology business to the public
markets. The transaction values the Company at an equity value of
$8.65 billion post-money.
The PIPE is being led by Chamath Palihapitiya, Founder and CEO
of SCH, and Hedosophia, who are together contributing $275 million; top-tier institutional investors
comprise the remaining $950 million
of the PIPE include funds and accounts managed by Altimeter Capital
Management, Baron Capital Group, BlackRock, Coatue Management,
Durable Capital Partners LP, and Healthcare of Ontario Pension Plan
Below is the link to SoFi's 1/7/20
press release to learn more.
About Adit Ventures:
Adit Ventures is a venture capital firm with offices in
California, Florida, New
York, Texas, and
Utah. An "Adit" is an entrance to
a mine and serves as an anagram for the firm's services, since it
provides Access, Diligence, Insight and works with Trusted partners
across the United States and
around the world.
Its business model focuses on purchasing shares from early-stage
investors or employees seeking liquidity before the company has a
liquidity event. Adit's investment objective is 3x return of
capital within a 3-5-year time frame. Adit buys both primary and
secondary shares on behalf of investors from a global network of
relationships cultivated over their 150 years of principal
Adit seeks to capitalize on long-term secular trends in the
global economy where they see dynamic areas of growth. It is in
these sectors Adit sees the best opportunities for long term
capital appreciation and to make a positive impact on the world by
improving quality of life, while generating a healthy return on our
invested capital in alignment with their investors &
Current sectors of interest include AI & Machine Learning,
Big Data, Cybersecurity, Defense, Educational Technology, FinTech,
Health Tech, IoT, Life Sciences, Media, Shared Economy and Space.
Portfolio companies include Airbnb, Astrocast, Cohesity, Decision
Sciences International Corporation, Esme Learning, Klarna,
Netskope, SoFi, SpaceX and Turo among others.
Please visit www.aditventures.com for future updates.
Adit Ventures uses a 10-step investment process incorporating
its proprietary research on both quantitative and qualitative
-Valuation at entry is a critical discipline, as this is one thing
-Revenue growth rate drives future valuation, so is a key element
-Margins and cash flows are vital to an enterprise's success, and
-Scalability of business across various markets is a big factor in
the valuation of any business.
-Profitability: A clear path to profitability is essential to any
-Is it a good business model, in a good sector with long term
secular tends driving it?
-Is there a good management team, with depth and experience in
meeting challenges, competitive threats and executing
-Does it have a good capital base, board of directors/investors and
well-regarded savvy Venture Sponsors?
-Does the business adhere to fundamental ESG principles with
character and integrity in its practice?
-Will the business make a difference by adding value for its
customers, its employees and the
community it serves, as well as its shareholders?
Adit has invested in some of the world's leading companies with
exits in Airbnb, GoPro, Lemonade, Palantir, SharesPost, Spotify,
Snap and Lyft.
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SOURCE Adit Ventures