Hometogo goes public via Spac

Klaus Hommels placed Lakestar Spac I on the stock exchange in February of this year. Now it is clear: the Berlin-based platform for vacation accommodation Hometogo will merge with the stock exchange shell in September.

A letter of intent has been in place since June, and now there is confirmation: Lakestar SPAC I is merging with the start-up Hometogo, which will go public in this way from September. As the companies announced, the only thing missing is confirmation from the shareholders of Spac. This will give Hometogo a valuation of 1.2 billion euros. "The merger with Lakestar SPAC I for the IPO of HomeToGo is a great opportunity to accelerate the next stage of our growth," says CEO Patrick Andrae.

Founded in 2014, Hometogo offers apartments and houses for rent via its platform. During the coronavirus pandemic, the company benefited from hotels being closed and the 14 million accommodation offers were increasingly rented for work. In the first quarter of 2021, Hometogo increased its booking volume by 27 percent. "HomeToGo has significant growth prospects and meets all the criteria of the target profile that we defined with Lakestar SPAC I for the first European technology SPAC," said Inga Schwarting, CIO of Lakestar Spac I.

Lakestar Spac I belongs to the investor universe of Klaus Hommels, whose Spac was the first company shell to go public in ten years. Lakestar Spac I raised 275 million euros through share purchases at the time of the IPO, and has now raised a further 75 million euros from family offices and investors. After the IPO, Hometogo's investors will hold 69 percent of the company, while Spac and its shareholders will hold 25 percent. Hommel's fund Lakestar had already invested in Hometogo in 2018.