Goggo is the Sponsor of the SPAC LEVERE Holdings Corp.
At Goggo we aim to provide all people with autonomous, electric, and shared mobility solutions through the creation of Autonomous Mobility Networks (AMNs). To help with our vision of creating AMNs, we have launched LEVERE, a Special Purpose Acquisition Company¹ (SPAC) now listed on Nasdaq under the ticker LVRAU. This thrilling investment project is Goggo’s latest step forward in bringing capital to the European Mobility industry, and we are excited to introduce you to the details of the SPAC and what it is all about.
LEVERE as a catalyst for Goggo’s vision
Goggo’s vision is to accelerate the mobility transition in Europe, providing all people with autonomous, electric, and shared mobility through the creation of Autonomous Mobility Networks (AMN). Goggo strives to lead the driverless revolution in order to solve the transportation challenges of today: heavy traffic, pollution, unfair access, or inefficient use of public resources (namely, roads at peak hours).
Sponsoring a mobility-focused SPAC in Europe gives Goggo the remarkable opportunity to join forces with a mobility leader, levering our expertise and network to support them, and together bring European mobility forward.
To make networks of autonomous vehicles a reality, we outline three key beliefs held by Goggo:
- We believe in collaborative consortia, where complementary partners bring together all the necessary building blocks of the autonomous mobility services value chain. The SPAC is a unique opportunity to expand our industry expertise, amplify our voice, and create strong alliances with key mobility players who share the AMN vision.
- We believe that capital markets can help keep up with the international competition, which is why we see the SPAC as a great opportunity to sustain European leadership and innovation, by providing better access to public markets to a European mobility champion.
- We believe that safety, universal access, and fair competition can only be fostered through a regulatory framework that is created together by countries and corporations.
The LEVERE Mission and Team
We established LEVERE with the clear goal of helping a European mobility company become a world-class mobility champion. To achieve this goal we not only make use of our extensive network in the European mobility industry, but also apply our unique entrepreneurial approach to investing, and our experience in building and operating multi-billion-dollar businesses.
We are seeking companies, focused on the development of shared mobility services, connected vehicles, electric vehicles and related infrastructure, autonomous driving or companies with strong use-cases within the mobility industry.
LEVERE is sponsored by Goggo Network and is led by Martin Varsavsky, Yasmine Fage, and Stefan Krause. We are further supported by a board of world-renowned mobility experts who bring experience across the wide mobility value chain from top OEMs (Daimler, BMW, Airbus, …) to rising startups and recent SPACs (Canoo, Fisker, Mediawan…), either as founders, investors or managers.
LEVERE Unique Proposition
In a nutshell, LEVERE presents itself as the first SPAC that aims to achieve a business combination in the New Mobility industry in Europe, aiming at bridging the gap between European mobility talents and US capital markets. LEVERE is not like any other SPACs, as it has one key differentiating factor: its management team and board is composed of an outstanding combination of industry leaders and serial entrepreneurs complemented by experienced investment professionals.
We believe that a SPAC should not just be a financial vehicle to take a company public, but also a strategic project, in which the financial proceeds and team are leveraged to stimulate long-term success. This belief is further validated by the fact that operator-led SPAC’s outperformed other SPACs, and even their sector index (McKinsey & Company). In that regard, LEVERE’s extraordianry team enables an optimal creation of value for the company that will merge with our SPAC.
Moreover, LEVERE is sponsored by Goggo. We are an Autonomous Mobility start-up formed by a unique blend of top-notch entrepreneurs, engineers, operators, and consultants specialized in Mobility. Our operational edge and entrepreneurial approach have put us in a privileged position to truly support a European mobility company to achieve its vision and become a world mobility leader.
LEVERE’s value proposition is built around 4 pillars:
Why SPACs are a great way for some companies to advance their vision
For the operating business, achieving a business combination with a SPAC offers key benefits:
- Faster public listing. While a company can take up to 12–18 months to prepare for a traditional IPO, in a SPAC the process can be completed in approximately 4–6 months.
- Less expensive way to an IPO. SPACs cover most of the IPO expenses and underwriting fees. This allows companies to save a significant amount of money in the process of going public.
- Lower pricing risk. The valuation is agreed upon by both parties. A target company can be certain that the transaction will occur, and that it’ll be for a value they are on board with.
- Flexible ownership and control. In most cases, the current management team keeps driving the company and shareholders maintain a high proportion in the merged company.
- Sponsor expertise. The operating business can leverage the expertise and network of the Sponsor to supplement their skills and to help grow the business.
- Equity capital source. SPACs provide equity capital for growth or investment without the debt service costs, amortization, and covenants inherent in debt capital.
For investors, a SPAC also represents a great opportunity compared to other financial vehicles:
- Significantly low downside. In a worst-case scenario, a deal never materializes and the investor receives all the initial investment back, just falling to earn the average market growth.
- Tradable stocks and warrants. Investors in SPACs can trade both their stock and warrants during and after the interim stage while awaiting a good target company to merge-in.
- Investor redemptions. An investor has the ability to vote on any opportunity presented as a target in the reverse merger transaction. Even if the majority approves the transaction but they are not interested, they still have the option to get the initial investment back.
- Time-limited. SPAC’s are forced to find a target for a business combination within a given timeframe (less than 24 months). If no deal is agreed upon between the management and the investors, the initial funds have to be returned.
We believe in collaboration
Since its launch in 2018, Goggo has been acting in favor of a legal and engineering framework in a top-down approach, working with corporates and institutions from the local to the European level. Through a SPAC, Goggo is leveraging bottom-up operational synergies to serve the same purpose of fostering the consolidation of a powerful European ecosystem to operate the autonomous mobility business at scale.
If you wish to know more about us, you can check our website, our LinkedIn or contact us via email.
(Self)drive safe,
The Goggo team
[1] A SPAC (Special Purpose Acquisition Company) is a corporation created to raise capital through an Initial Public Offering (IPO) for the purpose of merging with an existing operating business. By merging with a SPAC, the operating business becomes a listed company in lieu of executing its own IPO.
