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Agility, a global logistics provider, announced that it has invested $35 million in Queen’s Gambit Growth Capital(GMBTU), a blank-check company that will target businesses offering sustainable solutions in clean energy, healthcare, financial technology, industrials, mobility and emerging technology.
Queen’s Gambit’s all-female management team is led by CEO Victoria Grace, a New York-based venture capitalist, and supported by an all-female board with strategic networks and diverse industry experience, Agility said in a statement.
Agility, cross-listed on both Kuwait and Dubai stock exchanges, has $5.2 billion in annual revenue and 26,000 employees and operates in more than 100 countries.
“Agility’s investment in Queen’s Gambit reflects our commitment to sustainability and our belief that innovative technology can yield both social and economic returns,” Tarek Sultan, Vice-Chairman of Agility said. “This is not a new position for us. We’ve been investing in stakeholder capitalism for more than a decade.”
Queen’s Gambit’s female-led management team “has the potential to tap into a differentiated network and perspective that positions it to execute a business combination with an attractive target,” Sultan said. “This is a chance to take a more inclusive view of opportunities in the market, and drive value in the process.”
Agility has been intensifying its long-standing commitment to the environment, sustainability and improved governance, the company said It was recently added to the FTSE4Good Index Series, a resource used by investors to identify companies around the world with strong environmental, social and governance (ESG) practices.
In January, GMBTU had completed its initial public offering (IPO) of 34.5 million units, including 4.5 million overallotment units, at $10 per unit. The company is listed on the Nasdaq Capital Market.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
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