LinkedIn co-founder Reid Hoffman is helping to take Joby, which is being billed as ‘Tesla meets Uber in the air’, public through a SPAC deal.
Electric air-taxi start-up Joby Aviation will add Silicon Valley figure Reid Hoffman to its board as the company prepares to go public via a merger with a blank-cheque firm.
LinkedIn co-founder Hoffman, who is now a partner at venture capital firm Greylock, has a key connection to the 12-year-old start-up. Earlier this year, it was announced that Joby is going public through a $6.6bn reverse merger deal with Reinvent Technology Partners, the special purpose acquisition company (SPAC) Hoffman set up with Zynga founder Mark Pincus and investor Michael Thompson.
The deal is expected to close in this summer. Joby is the first aerial vehicle start-up to go public via the SPAC route, and the deal will provide the company with $1.6bn in cash.
SPACs have been growing in popularity this year as they can provide a quicker way of bringing a company public rather than the traditional route of an initial public offering.
Hoffman will be added by the Joby board once the deal is complete, alongside Google general counsel Halimah DeLaine Prado and former Southwest Airlines CFO Laura Wright.
Toyota Motor Corporation board member and operating officer James Kuffner and Zoox CEO Aicha Evans have already been added to the board in recent months.
“We are incredibly humbled to have been able to assemble such a remarkable and diverse group of world-class leaders to guide and support Joby as we plan to enter the public market,” said JoeBen Bevirt, Joby CEO and founder.
Joby acquired Uber’s Elevate flying car business at the end of December and now plans to begin a commercial passenger ‘air taxi’ service in 2024. Hoffman described the venture as “Tesla meets Uber in the air” in a recent interview.
The company will work with Toyota from its California-based manufacturing facility to build its electric vertical takeoff and landing (eVTOL) aircraft. Toyota led the company’s $620m Series C funding round last year, with other investors including Intel Capital and JetBlue Technology Ventures.