Co-Founder of Zillow Starts His Own Spac
Spencer Rascoff, Alexander Klabin, Robert Reid and Michael Clifton formed Supernova Partners Acquisition Company. Spencer Rascoff, the co-founder of Zillow Group (served as CEO for over 10 years), will serve as the co-chairman of this SPAC. JPMorgan will serve as the underwriter on this SPAC.
Spencer Rascoff led Zillow Group through more than 15 acquisitions, including of its largest rival Trulia. Rascoff helped lead the IPO efforts for Zillow, whose shares are up more than 250% over the last five years.
The SPAC has not decided which underlying company it will acquire and take public, but has said the partner will be an “advantaged growth company that benefits from thematic shifts and tech-enabled trends.”
“We expect to complete a business combination that pairs significant upside potential with limited downside risks.”