Hometogo goes public via Spac

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

There was already a letter of intent since June, now there is the confirmation: Lakestar SPAC I merges with the start-up Hometogo, which will go public this way from September. As the companies announced, the only thing missing is the confirmation by the shareholders of Spac. This will give Hometogo a valuation of €1.2 billion. "Joining forces with Lakestar SPAC I for the HomeToGo IPO is a great opportunity to accelerate the next stage of our growth," said CEO Patrick Andrae.

Founded in 2014, Hometogo offers apartments and homes for rent through its platform. During the Corona pandemic, the company benefited from closed hotels, increased rentals of its 14 million lodging listings for work. In the first quarter of 2021, Hometogo made a 27 percent increase in booking volume. "HomeToGo has significant growth prospects and meets all criteria of the target profile we defined with Lakestar SPAC I for the first European technology SPAC," said Inga Schwarting, CIO of Lakestar Spac I.

Lakestar Spac I is part of the investor universe of Klaus Hommels, whose Spac was the first company to go public in ten years. At the time of the IPO, Lakestar Spac I raised 275 million euros through share purchases, and now another 75 million euros have been raised through family offices and investors. After the IPO, Hometogo 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.