Remember those July reports that short-video app Triller was raising a funding round of up to $300m? Whatever happened to that? Reuters has an update, claiming that the company has “so far secured around $100 million in that round at a $1.25 billion valuation” according to unnamed sources “familiar with the matter”.
However, the report claims that Triller may opt against the funding round after all, and instead go public via a merger with a ‘SPAC’ (a special purpose acquisition company: a shell company formed solely to raise money through an IPO, then merge with a private company to take the latter public).
SPACs are currently popular in the US for “providing a path to going public with less regulatory scrutiny and more certainty over the valuation that will be attained and funds that will be raised” according to Reuters.
Given the recent speculation around Triller’s user figures, the prospect of the firm as a public company required to disclose accurate numbers every quarter is certainly interesting.