Short-form video app Triller, which has grown its audience through fighting sports, is going public through a reverse merger.
Triller parent TrillerNet will buy publicly traded Seachange International Inc., a video delivery software provider, in a deal valuing Triller at around $5 billion.
The valuation is quadruple the $1.25 billion figure from Triller’s $250 million funding round in October 2020.
- Investors will pour $250 million into the company as part of the deal.
- Triller explored other avenues including a SPAC merger, a direct listing, and acquisition by a larger company.
The combined company will be called TrillerVerz Corp and helmed by Triller CEO Mahi de Silva.
A Fighting Chance
Triller says it has over 300 million active users. It launched boxing league Triller Fight Club with rapper Snoop Dogg in December 2020.
The company doubled down on combat sports with its April acquisition of Fite TV and technology company Amplify.ai. Those transactions, combined with March’s purchase of music competition platform Verzuz, totaled around $250 million.
Triller is looking to shift from pay-per-view bouts featuring celebrities and retired fighters like Mike Tyson to sanctioned title fights.