Forge Global, an online marketplace for buying and selling shares in private companies, is going public via a merger with special purpose acquisition company Motive Capital. Through the merger, Forge is expecting to raise more than $500 million. The merger values Forge at $2 billion.
The company wrote in a press release that it has almost 400,000 users, including over 123,000 accredited investors, and handles over $10 billion of trades in the shares of more than 400 companies.
In a presentation to be shown to investors Monday, the company cited data that projects private market assets under management to nearly double to $13 trillion by 2025 from $7 trillion in 2020. The company also reported that 142 unicorns traded on their platform, and see the remaining 620 billion-dollar startups as targets moving forward.
The company reported that it turned a profit, before interest, taxes, depreciation and amortization, of $2.8 million in 2020, up from a loss of $6.5 million in 2019. The company projects profits to rise to $19 million by 2023.