Khosla Ventures Acquisition III, the third blank check company formed by Khosla Ventures targeting proprietary tech with large market opportunities, filed on Friday with the SEC to raise up to $500 million in an initial public offering. The offering does not contain warrants.
At the proposed deal size, the SPAC would command a market value of $563 million, which excludes up to 5 million shares that the sponsor may receive after a de-SPAC and hitting certain performance hurdles.
The SPAC's management team consists of founder Vinod Khosla, who is the founder of Khosla Ventures; CEO Samir Kaul, founding partner and Managing Director of Khosla; and CFO/COO Peter Buckland, Partner, Managing Director and COO of Khosla. The three managers have similar roles at Khosla's other two blank check companies (KVSA, KVSB), which also filed on Friday and plan to list in the 1Q21.
The Menlo Park, CA-based company was founded in 2021 and plans to list on the Nasdaq under the symbol KVSC. Goldman Sachs and Citi are the joint bookrunners on the deal.
