The Joby SPAC Transaction Could Provide $1.6 Billion In Cash
by AutoExpert | 27 February, 2021
Joby Aviation, with 12 years’ experience air taxi startup partnership with Toyota and Uber and is about to go public in 6.6 billion blank check company Reinvent Technology Partners. Joby Aviation wants to begin their commercial passenger service not later than 2024, using the electric vertical takeoff and landing aircraft – eVTOL. So, would you like to whistle for an air cab?
Reid Hoffman, founder of Linkedln, and Mark Pincus, founder of Zynga, and longtime investor Michael Thompson is the trio that is heading the SPAC used to take publicly Joby Aviation. After months of diligence, they decided to try redefining the airspace for taxi services.
The Joby startup will be the first one to go public via the Special Purpose Acquisition Company, but the rumors about this started in January. The benefit of the SPAC is $800 million in venture funding, including a $620 million Series C round led by Toyota in the first half of 2020 and valued the company at more than $2 billion, according to Crunchbase.
Right now, Toyota started to discuss with Juby about a California manufacturing facility for the four-passenger eVTOL aircraft. According to Joby CEO and founder, JoeBen Bevirt, “the Joby’s manufacturing ramp is directly influenced by Toyota’s involvement and they are the key to unlocking global scale for us.”
Also, Joby made the wise step of acquiring Uber Elevate- Uber’s fledgling air taxi business which should provide data necessary for Joby’s aerial ride-sharing business. This means that customers will have both air and ground transportation experience.
