Albacore Capital Invests in Digital Health Company Babylon
Posted on 10/18/2021
Digital health firm Babylon Holdings Limited (Babylon) has secured a sustainability-linked investment of up to US$ 200 million from the strategic capital investment firm Albacore Capital Group. AlbaCore is a European credit investment firm. The deal happened around October 8, 2021. In June 2021, Babylon Holdings announced plans to go public through a US$ 4.2 billion merger with special purpose acquisition company (SPAC) Alkuri Global Acquisition Corp. Babylon works with health insurers and governments to offer them a way to provide mobile services to patients and touts Saudi Arabia’s Public Investment Fund and Munich Re Ventures as backers.
There was also a private placement (PIPE) worth US$ 230 million from investors such as AMF Pensionsförsäkring and Palantir Technologies. Palantir’s focus on SPACs is unique among strategic investors as it has invested in a number of them in the U.S. In March 2021, Palantir agreed to invest US$ 41 million in Lilium, an air taxi company and in June 2021 made an investment with General Motors into Wejo, a U.K.-based developer of connected vehicle data systems. Palantir agreed to invest US$ 21 million into the deal for Sarcos Robotics, which makes industrial robot systems.
Advisors
Shearman & Sterling advised AlbaCore Capital Group (AlbaCore) in relation to its investment of up to US$ 200 million in Babylon.