Lerer Hippeau Acquisition, a blank check company formed by Lerer Hippeau targeting tech-enabled businesses, raised $200 million by offering 20 million shares at $10. The company did not offer units with warrants attached.
The company is led by Chairman Kenneth Lerer, CEO and Director Eric Hippeau, and President and Director Ben Lerer, all of whom are co-founders and Managing Partners of New York-based venture firm Lerer Hippeau. Kenneth Lerer is also a co-founder of The Huffington Post, where Eric Hippeau previously served as CEO. Ben Lerer is currently the CEO of Group Nine Media and its related SPAC, Group Nine Acquisition (GNACU; +2% from $10 offer price).
Lerer Hippeau Acquisition plans to target technology-enabled businesses, focusing on areas such as digitization of health and wellness, direct-to-consumer, modern commerce and logistics, enterprise productivity tooling, and industrial automation.
Lerer Hippeau Acquisition plans to list on the Nasdaq under the symbol LHAA. Barclays and CODE Advisors acted as lead managers on the deal.
