The corporate-backed virtual cosmetics app developer’s SPAC merger later this year is set to be boosted by $50m in financing from investors including CyberLink, Chanel, Shiseido and Snap.

Perfect Corp, a Taiwan-headquartered beauty app developer spun off by facial recognition technology provider CyberLink, agreed a reverse merger with special purpose acquisition company (SPAC) Provident Acquisition Corp yesterday.

The combined entity will have a valuation of $1.02bn through the deal and take the spot on the Nasdaq Capital Market acquired by Provident when it went public in a $230m initial public offering in January 2021.

The merger will result in proceeds of $335m for Perfect including $50m in private…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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