Joby to go public in $6.6bn merger with blank-check firm
By Caoimhe Toman
Date: Wednesday 24 Feb 2021
(Sharecast News) - Joby Aviation, the 12-year-old electric air taxi startup will go public in a $6.6bn reverse merger with blank check company Reinvent Technology Partners.
Joby aviation, which is partnered with Toyota Motor Corp and Uber Technologies, announced the news on Wednesday, reported Reuters.
Reinvent pulled in $835 million in PIPE investments from BlackRock, Fidelity and Baillie Gifford.
The transaction will provide Joby with $1.6bn in cash and is expected to close in the second quarter.
The startup will be taken public via a special purpose acquisition company headed by LinkedIn founder Reid Hoffman among others.
In an interview, Hoffman said: "We did months of due diligence -- we got the same universal signal. These guys have got everything (to) redefine this new space [...] I think of Joby as Tesla meets Uber in the air."
California-based Joby aims to begin a commercial passenger service in 2024, using its electric vertical takeoff and landing (eVTOL) aircraft.
Joby previously received $800m in venture funding, including a $620m Series C round led by Toyota in early 2020 that valued the company at over $2bn.
Toyota and Joby are currently participating in a joint venture to design a manufacturing facility in California for its eVTOL aircraft.
Additionally, Joby last year acquired Uber's fledgling air taxi business, Uber Elevate.
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