eToro Raises $250 mn, Terminate SPAC Deal
The trading platform eToro announced on March 21 that it had raised $250 million in funding at a valuation of $3.5 billion. After failing to go public through a special purpose acquisition company (SPAC) merger last year, the Israel-based firm raised capital for the first time since 2018.
ION Group, SoftBank Vision Fund 2, Velvet Sea Ventures, and some existing investors participated in the round.
The funding comes from an Advance Investment Agreement (AIA) signed by eToro in early 2021 as part of its proposed SPAC transaction. The AIA is a legal agreement between an investor and a company in which the investor commits to future investments in the company.
(With inputs from Shikha Singh)
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