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InsurTech investor G Squared targets $250mn Spac raise

Venture capital investor Larry Aschebrook is launching a special purpose acquisition corporation (Spac), with InsurTech one of its target sectors.

The Spac, G Squared Ascend I, will seek a private company to take public. As well as InsurTech, other sectors of interest include software, digital marketplaces, logistics, media and sustainability. The $250mn Spac raise is being sponsored by Aschebrook’s G Squared Ascend Management I.

G Squared was an early investor in Lemonade, as well as InsurTechs Next Insurance and WeFox. S1 documents filed with the Securities and Exchange Commission about the blank check raise indicate that it is especially interested in finding a European technology company to take public in the US.

The vehicle will list on the New York Stock Exchange in an IPO that is being managed by UBS.

The Spac raise is the latest in a series of blank check IPOs to target InsurTech, including Insu III, a new Cohen & Company entity, and Kairos Acquisition Corp, which is backed by Hudson Structured Capital Management.

In November, Metromile became the most high profile InsurTech to opt to merge with a Spac as its route to the public markets, following the IPOs of Lemonade and Root earlier this year.

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