Our Transactions team was pleased to have supported Bayern Kapital, the Bavarian State venture capital investment arm, in a transaction process concerning its portfolio company IQM Quantum Computers, resulting in IQM entering into a definitive business combination agreement with a US SPAC, Real Asset Acquisition Corp. (Nasdaq: RAAQ). The transaction values IQM at a pre-money equity valuation of approximately USD 1.8 B.
The transaction will result in IQM becoming a public company and listing American Depositary Shares on one of the two leading U.S. stock exchanges. The transaction provides funding with the aim to accelerate IQM’s technology and commercial development towards fault-tolerance quantum computing, further advancing its position as a leading provider of quantum computers.
Bayern Kapital originally invested in IQM, via its growth fund, at Series A2 stage and subsequently in its follow-on B round. Bayern Kapital’s investment mandate is to invest in start-up and growth companies with a footprint in the Bavarian region. IQM has a significant footprint in Munich with local employees in the region.
