Silicon Valley startup Enjoy Technology, a personal commerce platform for technology purchases, is merging with the special-purpose acquisition company (SPAC) Marquee Raine Acquisition in a move to file for a public offering.
A technology-powered service platform aiming to reinvent “Commerce at Home,” Enjoy Technology aims to disrupt the physical retail model by bringing a personalized shopping experience to a customer’s home, according to a company press release on Wednesday (April 28). Enjoy’s digital storefronts give brands the ability to engage on a deeper level with customers, and to offer a full-service, at-home experience.
“We believe our disruptive Commerce at Home platform can do everything a store can do but better, as our full-time experts deliver deeply personalized experiences in the comfort of customers’ homes,” said Ron Johnson, CEO and co-founder of Enjoy.
Johnson said that with Marquee Raine, the company has a “groundbreaking opportunity” to bring its “trusted, in-home retail experience” to more people worldwide. The startup is planning to expand to new areas, while teaming with new consumer brands and attracting investors to boost the company’s proprietary technologies.
Marquee Raine, a SPAC focused on technology, media and telecom (TMT) acquisitions, is sponsored by an affiliate of The Raine Group and Marquee Sports Holdings. Brett Varsov, co-CEO of Marquee Raine, said the company is impressed by Enjoy’s team, technology and approach to customer experience with some of the top brands.
“With an enhanced balance sheet, new long-term investors and continued support from its existing highly regarded investor base, Enjoy is leveraging its first-mover advantage to capitalize on the strong market tailwinds and pioneer the future of Commerce at Home,” added Varsov, who is also partner and head of M&A at The Raine Group and a nominee for the post-closing Enjoy Board.
Tom Ricketts, co-chairman of Marquee Raine, said that Enjoy’s vision complements the investment firm’s goal of teaming with “high-growth companies that are ready to transition to the public markets.” Ricketts, who is also executive chairman of the Chicago Cubs and a nominee for the post-closing Enjoy Board, added that Enjoy has a “truly unique business model and compelling growth opportunity.”
PYMNTS CEO Karen Webster has said this is the year of the “bring it to me” economy, which is focused on time as a currency. A nine-month PYMNTS survey indicated that three to one, consumers will pay for delivery over free curbside or in-store pickup.
Data shows that home is quickly becoming the new commerce command center. The December 2020 PYMNTS/Visa How We Will Pay study showed that as people become more connected in their daily lives, so too will their homes.
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