Global Technology Acquisition Corp. I (“GTAC”, “the Company”) is a newly formed blank check company, incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We have not selected any specific business combination target, and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to a business combination with us.
While we may pursue an initial business combination target in any business, industry or geographical location, we intend to focus on technology companies that operate in the marketplace, financial technology (“FinTech”) and Software-as-a-service (“SaaS”) verticals within Europe, Latin America (“Latam”) and the United States (“U.S.”), where we believe our management team, board members and advisors have a competitive advantage based on their prior experiences and investments.
We are a team of entrepreneurs led by Fabrice Grinda (Executive Chairman) and Arnau Porto (Chief Executive Officer, “CEO”) who have significant experience in founding, operating and investing in successful technology companies. Our management team is led by Arnau Porto, our CEO, and Claudia Gast as our Chief Financial Officer (“CFO”). Our founding sponsors are FJ Labs co-founders Fabrice Grinda and Jose Marin, and Arnau Porto, founder of Greentrail Capital. Together as the management and sponsor teams, we have co-founded and led over 10 companies over the past 23 years, including OLX (exit to Naspers), Deremate (exit to MercadoLibre), Zingy (exit to For-Side), LetGo (merged with OfferUp), Aucland (exit to QXL Ricardo) and Adoreme. In addition to our operational successes, we are one of the most prolific technology investors worldwide; in 2018, Forbes named Fabrice Grinda the number one angel investor in the world based on publicly recorded investments and exits.
We have a strong track record in identifying category and industry leaders worldwide, having backed over 600 technology companies over the past two decades across marketplaces, FinTech and SaaS, of which more than 40 have reached a valuation over $1bn (“unicorns”) today, and having achieved attractive returns across our portfolios. As of December 31, 2020, FJ Labs generated an average of 57% internal rate of return (“IRR”) and 4.4x multiple on invested capital (“MOIC”) across 225 realized investments. As of December 31, 2020 in the almost two years since he spun-out from Blueport Capital, Arnau Porto achieved a 43% IRR in his public portfolio across industries, and an average 7.5x MOIC (unrealized) across his private investments in Nubank and Kavak. Some of our best investments have included Delivery Hero (DHER—
36.0x MOIC) and Farfetch (FTCH—3.8x MOIC) in Europe, Airbnb (ABNB—5.1x MOIC) and Carvana (CVNA—10.2x) in the U.S., Meliuz (CASH3—13.0x MOIC) in LatAm, Alibaba (BABA—10.0x MOIC) and Coupang (CPNG—11.8x MOIC) in Asia.
More importantly, our long and successful history of investing in global technology provides us with a broad and deep network of relationships with founders, other investors and managers. This network provides us with a proprietary approach to sourcing, evaluating and growing technology companies worldwide, which we believe is a competitive advantage relative to other investing entities. We intend to leverage these differentiated capabilities to identify a strong pipeline of potential targets, and once we identify and merge with a given target, drive and accelerate that target business’ next stage of growth.
Technology has experienced a significant paradigm shift over the past decade. An industry that was historically U.S., and more specifically West Coast, dominated, has rapidly expanded across the world as cloud platforms have democratized the development of new technologies, and global internet and smartphone adoption have grown addressable markets by billions of people. Over the last decade, we have invested in a number of global winners born outside the U.S., such as Shopify (SHOP), Spotify (SPOT), Delivery Hero (DHER), OLX and Farfetch (FTCH). While these companies are often treated as exceptions to the traditional U.S.-based winners, we believe they are just examples of the first wave of leading technology companies that will emerge from outside the U.S. Indeed, we are now seeing a new generation of unicorn technology companies founded in previously overlooked countries, including, Sweden (Spotify, Klarna), Lithuania (Vinted), Colombia (Rappi), Brazil (Nubank) and Mexico (Kavak). We believe this internationalization trend will continue and our position as a global investor with deep relationships both in the U.S. and internationally will position us well in identifying a potential target.