Spencer Rascoff is co-chairing a new special-purpose acquisition company and seeking a “business that addresses a large market.”

Spencer Rascoff, the co-founder of Zillow and Hotwire, is co-chairing a newly created special-purpose acquisition company (SPAC), with the intent of finding a tech unicorn to take public, according to a filing with the U.S. Securities and Exchange Commission. 

Supernova Partners Acquisition Company, Inc. — the existence of which was first reported by Benzinga — is looking to invest in a business “that addresses a large market that creates the opportunity for attractive long-term growth prospects,” according to the filing.

“We believe that there are significant opportunities to invest in advantaged growth companies that are well-positioned to benefit from thematic shifts and tech-enabled trends and are valued between approximately $1 billion and $5 billion,” the SEC filing reads. “Given our team’s extensive and complementary experience, we will seek to partner with a company in the broader technology sector.”

A SPAC is essentially a shell company that acquires another company with the sole purpose of taking it public and has no other business. It’s a business move that has been employed more frequently in recent months, as tech companies look to go public.

Opendoor, the well-funded iBuying startup — and a Zillow rival in the direct-to-consumer homebuying and selling space — merged on September 15 with Social Capital Hedosophia Holdings Corp. II, a SPAC founded by Chamath Palihapitiya, also the chairman of Virgin Galactic. The transaction pegged Opendoor at an enterprise value of $4.8 billion.

Joining Rascoff as co-chair is Alexander Klabin, a veteran investor that’s set to become executive chairman of Sotheby’s Financial Services.

Robert Reid, a former senior managing director at Blackstone, will serve as CEO. Michael Clifton, most recently a senior investment professional at The Carlyle Group, will serve as chief financial officer.

“Our robust acquisition strategy and process will enable us to evaluate a broad range of attractive opportunities,” the filing reads. “We believe our management team’s combination of capabilities and experiences will make a business combination with Supernova a particularly attractive path for company leaders seeking partnership during and beyond the business combination.”

Rascoff spent nearly a decade as CEO of Zillow, the company he co-founded with current CEO Rich Barton. Under Rascoff’s leadership, Zillow went public.

In February 2019, Rascoff and Barton essentially switched roles, with Barton taking the reigns as CEO — as the company turned its focus on expanding its Zillow Offers platform — and Rascoff shifted to serving on Zillow’s board of directors.

In April, Rascoff left Zillow’s board of directors to focus on two startups, including Dot.LA, a news service aimed at covering the Southern California technology scene.

Email Patrick Kearns

iBuyers | technology | Zillow
Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Leaders from across the industry answered our call to come to Inman Connect and share essential advice for leveling up your 2021.SEE THE SPEAKERS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription