VG Acquisition Corp
VG Acquisition Corp was a Special Purpose Acquisition Company (SPAC) sponsored by Virgin Group and Social Capital. The SPAC successfully merged with 23andMe in February 2021, taking the consumer genetics company public at a $3.5 billion valuation. The entity no longer operates as a separate investment vehicle.
Website
N/A (dissolved after merger)Location
New York, New York, USA
Founded
2019
AUM
$600M (at IPO)
Investment Range
$500M+ (SPAC)
Portfolio Companies
1
Focus
generalist
Fund Stages
growth
Investment Thesis
VG Acquisition Corp was formed to identify and merge with a high-growth company in the consumer, technology, or healthcare sectors. The SPAC targeted companies that could benefit from Virgin Group's brand, consumer focus, and operational expertise.
Team (at time of SPAC)
Sponsors & Board
- Richard Branson - Founder, Virgin Group
- Chamath Palihapitiya - Founder, Social Capital
- Evan Lovell - Chief Investment Officer, Virgin Group
SPAC Details
- IPO Date: October 2019
- IPO Size: ~$600 million raised
- Target Sector: Consumer, technology, healthcare
- Successful Merger: 23andMe (February 2021)
Notable Transaction
23andMe Merger (February 2021)
- Valuation: $3.5 billion
- Company: 23andMe - Consumer genetics and drug discovery
- Trading Symbol: Post-merger traded as ME on NASDAQ
- Significance: Brought one of the leading consumer genetics companies to public markets
Post-Merger Status
- VG Acquisition Corp ceased to exist as a separate entity after the 23andMe merger
- 23andMe (NASDAQ: ME) continues to operate as a public company
- 23andMe has since faced challenges with stock price decline and data privacy concerns
Sources
- SEC filings (S-1, merger proxy)
- Bloomberg, CNBC coverage of 23andMe SPAC merger
- Virgin Group announcements
Portfolio Companies
| Name | Location | Founded | Categories |
|---|---|---|---|
| 23andMe | Sunnyvale, California, USA | 2006 | genomics-sequencingconsumer-health-app+1 |