SoftBank SPAC said to be in talks for Vision Fund-backed Mapbox

[SAN FRANCISCO] SoftBank Vision Fund portfolio company Mapbox is in talks to go public via a special purpose acquisition company also overseen by SoftBank Group Corp., according to a person familiar with the situation.

Mapbox, which makes mapping tools used by Instacart and Snap, is in discussions with SVF Investment Corp. 3 at a valuation of as much as US$2 billion, according to Sky News, which earlier reported the negotiations.

Mapbox is talking with several SPACs and no deal has been finalised, said the person, who asked not to be identified because the discussions are private.

The San Francisco-based startup is taking on Alphabet's Google Maps, trying to establish itself as the center of car navigation systems.Mapbox announced a deal with General Motors Co. this week and last year reached an agreement with BMW Group for in-car navigation. It's looking to unveil deals with a half-dozen additional carmakers this year.

The company was valued at more than US$1 billion and was on track for revenue of more than US$100 million this year, Bloomberg News reported in March.

In February, SoftBank said it would raise as much as US$630 million through two SPACs, on top of a US$525 million blank-check company unveiled at the end of last year.

Mapbox Chief Executive Officer Peter Sirota declined to comment Friday on the situation.

BLOOMBERG