Newly created data intelligence Near, with 1.6 billion anonymous user IDs, lists $ 1 billion in market capitalization on the Nasdaq via SPAC; raises $ 100 million – TechCrunch

The IPO window has been closed for technology companies due to the massive market downturn, but for some it still remains open in the form of SPACs. Today, About: – a data intelligence company that has collected 1.6 billion anonymous user profiles attached to 70 million locations in 44 countries, announced today that list by merging on Nasdaq With K.ludeIn I Acquisition Corp., one of the many Czech companies created to raise private companies with an estimated value of about $ 1 billion. It will be sold on Nasdaq using the “NIR” mark.

In addition, the company is investing $ 100 million in its business from CF Principal Investments, a subsidiary of Cantor Fitzgerald.

If you’ve been following Near or SPAC, you may remember rumors circulating that KludeIn was talking to Near. still in December. It is reported that at the time, Near aimed to estimate the list at $ 1 billion to $ 1.2 billion. However, in the last few months, the IPO market has practically closed, along with the massive decline in technology stocks and the wider decline in technology investment in general. even in much smaller, earlier stage startups.

Near, originally founded in Singapore in 2012 and now located outside Pasadena, has raised about $ 134 million in funding. including the $ 100 million phase in 2019 – which was the last big increase of the company.

Its investors include Sequoia India, JP Morgan, Cisco and Telstra (which have agreed to close for a year, according to KludeIn. SEC documents): Company Details: PitchBook: mentions that Near tried, but canceled the fundraiser in May 2021.

Overall, Near is an interesting example, given the difficulty that many startups at a later stage may find themselves in at the moment.

On the one hand, the company has several large customers – some potentially exciting technologies, especially regulators – in the light of the general public demanding more privacy in intelligence products.

It works with companies խոշոր major brands, including McDonalds, Wendy’s, Ford, CBRE Group 60 60% of Fortune 500, using Near’s interactive, cloud-based AI platform ( branded Allspark) to access anonymous user-based profiles. based on a database that is then merged from Near sources into telephones, data partners, operators, and customers. It alleges that the database was built “in secret”.

It describes its approach as “sewing”; it says it is patented, which gives it a kind of trench against other competitors; many privacy-based approaches.

On the other hand, before the financial details in detail KludeIn SEC documents shows growth, it is at a very modest pace. The numbers may not seem so good to investors, especially in the current climate. In 2020, Near recorded revenue of $ 33 million, in 2021 – $ 46 million, in 2022 – $ 63 million, and in 2023 – $ 91 million. equally estimates that Ebitda has been negative և will remain so at least until 2024.

Looking further than Near, it will be interesting to see how many others follow the company to the SPAC exit route, which has generally proven to be a controversial car.

On the plus side, SPACs are praised by supporters for being a faster, more efficient way for strong startups to enter public markets, thus raising money from more investors (allowing private investors to exit). positions are occupied by Near և KludeIn.

Companies around the world have trusted Near to answer their key questions that have helped them grow their business for more than a decade. “Market demand for human movement data to understand changing markets is growing exponentially. Now is the time to accelerate the penetration of the large, untapped $ 23 billion TAM,” said Near’s Founding CEO. Anil Matthews. in the announcement. “Becoming public gives us the confidence, the currency, to double our growth, to continue to operate on our winning flying wheel, for improved business results over the next decade.”

“I’m excited to work with Anil և Near’s entire team as they continue to help global companies better understand consumer behavior, gain operational intelligence from their global data intelligence platform,” added Narayan Ramachandran, CEO Director: Kludein. “We believe this merger is very effective, based on the global diversified customer base, the high SaaS fly և Near’s business network effects, which are emphasized by the strong net retention of the company’s customers.”

The downside is that these positives are also the cause of some of SPAC’s problems. To put it simply, they allowed public listing for companies that could have done more difficult, if not impossible, through more research. traditional waves. Sometimes it turns out well, but sometimes it ends badly for everyone. This week, Enjoy! listed via SPAC – he said that he would run out of money in June է reviewing his strategic options.

Over time, more data-driven appetite հնարավոր, it is possible that some factors beyond its control, such as the investment climate, will eventually show which way Near will go. The deal is expected to generate $ 268 million in gross revenue, assuming no redemption և successful private placement of $ 95 million worth of KludeIn shares, KludeIn said.

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