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MariaDB’s potential take-private deal is an indictment of 2021’s SPAC mania
The potential sale of MariaDB to K1 Investment Management for $37 million is a capstone on the failed era of SPAC mergers.
After raising nine figures over a decade, MariaDB said it had closed a $104 million Series D round alongside a merger with Angel Pond Holdings, a SPAC. But these improvements seemed to come a little too late: The combined effect of revenue increasing slowly and rapidly emptying coffers meant that MariaDB couldn’t go much longer without raising more money. It makes sense, then, that the company issued a “senior secured promissory note” to RP Ventures worth $26.5 million last October.
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