Better.com is going public via SPAC

Better.com is going public via SPAC* Aurora Acquisition Corp. According to documents filed with the U.S. Securities and Exchange Commission (SEC), Better.com will combine with Aurora and go public around August 22, 2023. The combined company will be named Better Home & Finance Holding Company.

After the transaction completes, this new company will receive an infusion of at least $550 million in new capital from SoftBank, according to Aurora’s filing. It could also receive an additional $200 million. If Novator, an investment firm that sponsors Aurora, exercises its $100 million option, then SoftBank is required to match that amount. So the Better Home & Finance Holding Company has the potential to gain between $550 million and $750 million in new funding.



SPAC (special purpose acquisition company) — a company that is formed to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company. SPAC provides an alternative route for a private company to go public, this model has become popular in recent years.