The Briefing: IonQ Going Public Via SPAC, Starling Bank Lands $376M, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Quantum computing company IonQ going public via SPAC

IonQ,  a hardware and software company in the quantum computing space, announced it will go public through a merger with a blank-check firm in a deal that gives the combined company a pro-forma market capitalization of $2 billion.

College Park, Maryland-based IonQ will merge with the SPAC dMY Technology Group III. The deal also includes $350 million in gross proceeds from a group of strategic and institutional investors

Founded in 2016, IonQ previously raised at least $82 million in known funding, per Crunchbase data, from venture and strategic investors. Upon closing of the deal, the company’s shares will trade on the New York Stock Exchange under the symbol IONQ, forming what the company says will be “the first publicly traded pure-play hardware and software company in the quantum computing space.”

— Joanna Glasner

Fintech

Starling Bank raises $376M: U.K.-based digital banking provider Starling Bank raised £272 million ($376 million) in a Series D funding round led by Fidelity Management and Research. Previously, the fast-growing startup raised just over $500 million in venture funding, per Crunchbase data.

— Joanna Glasner

E-commerce

Mason Dixie Foods bags $6.3M: Frozen baked goods company Mason Dixie Foods said it closed $6.3 million in Series A funding from a group of investors including Valor Siren Ventures. The Baltimore-based company was founded in 2014 and says it brought in 48 consecutive months of year-over-year sales growth, including 300 percent revenue growth in 2020. Working with Valor gives Mason Dixie an opening for commercial prospects of its products through strategic partnership with companies, including Starbucks, Marriott, Target and Nestlé, according to the company. Mason Dixie sells its products online and in more than 5,500 grocery stores across the U.S. It expanded its product lineup beyond biscuits in 2020 to include scones and sweet rolls.

— Christine Hall

Public offerings

Evolv to go public in $1.7B deal: Evolv Technology, a provider of AI-enabled touchless security screening, announced plans to go public through a merger with a blank-check acquirer called NewHold Investment Corp. The company says its system allows for visitors to pass through screening at a rate that is 10 times faster than traditional metal detectors.

— Joanna Glasner

Private equity

VMG Partners closes new fund: San Francisco-based VMG Partners closed its new $850 million Fund V. The private equity firm raised the fund in approximately three months as it looks to continue to invest in early- and late-stage consumer focused companies. The firm now counts approximately $2.6 billion of assets under management.

— Chris Metinko

Illustration: Dom Guzman