Colonnade Acquisition II today filed a preliminary proxy on its proposed merger with Plastiq, a B2B payment platform powering small and midsize businesses. The company would have an implied estimated enterprise value of approximately $480 million at closing, if the deal is approved.
As announced in August, Plastiq is expected to add approximately $320 million to its balance sheet, assuming no Colonnade shareholder redemptions. Existing Plastiq investors have committed to roll over their entire equity into the merged company.
Plastiq has raised over $144 million in venture capital funding, most recently at a $575 million post-money valuation in 2019. Investors include Khosla Ventures, Lionfish Capital, TriplePoint Capital, Twelve19 Ventures, Accomplice, Saints Capital, Flight Ventures, Top Tier Capital Partners, Kleiner Perkins, Founders Circle Capital, Alumni Ventures Group, Congress Avenue Ventures, Parade Ventures, CE Innovation Capital and Bling Capital. Read more.
