Entrepreneurship

2 Chicago startups are going public via SPACs

Read more at www.chicagobusiness.com

ECP is a blank-check company based in Summit, N.J., that went public early this year. 

Fast Radius’ prior investors include Drive Capital, a venture fund in Columbus, Ohio, as well as Chicago-based investors Hyde Park Venture Partners, Jump Capital and Michael Polsky’s Skydeck Capital.

Kin Insurance, an online insurance startup focused on the homeowner market, said it will go public in a SPAC deal with Omnichannel Acquisition Company. 

Kin, which sells insurance to homeowners in Florida, Louisiana and California, will be valued at $1 billion. Omnichannel, also based in Summit, N.J., is led by Matt Higgins, an executive fellow at Harvard Business School who has been a guest investor on Shark Tank. He is CEO of RSE Ventures and vice chairman of the Miami Dolphins.

Kin, which said last month it raised $69 million, will get approximately $242 million of cash in the SPAC, which CEO Sean Harper said is “more than enough” to fund growth. Among the investors in the deal is Stephen Ross, chairman of Related Cos. 

In connection with the SPAC announcement today that it has accelerated its ability to enter into new markets by signing a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states. 

Read more at www.chicagobusiness.com

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