Twelve Seas

What Twelve Seas does

Twelve Seas is a Los Angeles-based sponsor of Special Purpose Acquisition Companies (SPACs) that structures sequential blank-check vehicles to bring international companies to US public markets. The firm operates three NASDAQ-listed entities - Twelve Seas Investment Company I ($207M IPO, June 2018, subsequently merged with Brooge Holdings in December 2019 to form BROG), Twelve Seas Investment Company II (~$345M IPO, March 2021; entered $380M merger agreement with Crystal Lagoons in December 2023), and Twelve Seas Investment Company III ($172.5M IPO, December 2025) - each raising capital through unit offerings at $10.00 per unit, placing proceeds in trust accounts, and targeting a business combination within the SPAC lifecycle. The company's stated mandate focuses on international targets in the Pan-Eurasian region, the Middle East, Central Asia, and Latin America, with target equity valuations between $500M and $5B for the most recent vehicle.

The core technology and operating model is the SPAC structure itself: a regulated blank-check framework under which Twelve Seas's management identifies a target, negotiates a merger, and delivers a public listing with structural and valuation flexibility that traditional IPOs may not. Underlying services include target sourcing across the Eurasia-LatAm corridor, capital structure optimization, and post-combination operational oversight. Pricing is set at fixed $10.00 unit increments at IPO, with units comprising Class A ordinary shares and warrants; gross proceeds are held in trust for public shareholders pending a deal. Distribution is executed through SEC EDGAR filings, GlobeNewswire-distributed press releases, and a NASDAQ listing (TWLVU, TWLV, TWLVW, TWLVR).

Revenue mechanics are unusual because pre-merger SPACs generate no operational revenue. The sponsor earns its return through sponsor equity (typically 20% of post-IPO equity via founder shares) and potential success economics upon a successful combination. The customer base consists of target companies - international firms with compelling strategic rationale for US listing that value the speed and certainty of a SPAC merger over a traditional IPO. The management team is led by CEO Dimitri Elkin (former KKR and Lehman Brothers executive who has headed all three Twelve Seas vehicles), Chairman Julian Vickers (former Global Co-Head of Natural Resources IB at Barclays), CFO Jonathan Morris (former Blackstone Director), and independent directors including former UBS Vice-Chairman Bob Foresman - senior talent drawn from bulge-bracket banks and global PE firms.

Name

Twelve Seas

Legal name

Twelve Seas Investment Company III

Website

https://twelveseasspac.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Twelve Seas is a Los Angeles-based SPAC sponsor that creates NASDAQ-listed blank-check companies targeting international firms in the Pan-Eurasian region, Middle East, Central Asia, and Latin America for US public listing via business combinations.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. SPAC Proceeds Management: As a pre-revenue SPAC, Twelve Seas generates no traditional revenue from operations. The company raises capital through IPOs, places proceeds in trust accounts, and seeks to complete business combinations with target companies. Upon successful merger completion, the combined entity generates operational revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Twelve Seas operates a series of publicly listed Special Purpose Acquisition Companies (SPACs) — Twelve Seas Investment Company I, II, and III — that raise capital through IPOs and place proceeds in trust accounts in order to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with a target company. The firm targets international companies (predominantly in the Pan-Eurasian region, Middle East, Central Asia, and Latin America) with equity valuations between $500M and $5B that seek a US public listing.

Product overview

Twelve Seas is a group of Special Purpose Acquisition Companies (SPACs) that have completed initial public offerings and are seeking merger or business combination targets. The portfolio consists of Three distinct SPAC entities: Twelve Seas Investment Company I (completed $207M IPO in June 2018, merged with Brooge Holdings in December 2019), Twelve Seas Investment Company II (completed $345M IPO in March 2021, merged with Crystal Lagoons in December 2023), and Twelve Seas Investment Company III (completed $172.5M IPO in December 2025). The companies are structured as blank-check entities seeking to acquire international businesses, with focus areas including the Pan-Eurasian region, Latin America, Middle East, and Central Asia.

Differentiator

Problem solved

Functional benefit

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and flagship.

• Bank J. Safra SarasincoreGTM or Marketing Partner · 17 April 2026Twelve Securis extended its distribution partnership with Bank J. Safra Sarasin to include Italy and Spain, enabling local investors to access insurance-linked securities and catastrophe bond funds. The expanded collaboration aims to enhance the offering of diversified, sustainability-focused investment strategies in these markets.
• Crystal LagoonsflagshipStrategic or Co-development Partner · 22 December 2023Twelve Seas II entered into a $380 million merger agreement with Crystal Lagoons on December 22, 2023. Crystal Lagoons is the target company for a business combination that would bring the company public through the SPAC merger process.

Scale indicators8 records

Recent moves11 records

Expansion highlights4 records

Direct peers

• 26 Capital Acquisition Corp: US-listed SPAC that merged with Codere Online. Directly comparable blank-check structure and successful de-SPAC execution pathway.
• Social Capital Hedosophia: Series of US-listed SPACs sponsored by Social Capital. Directly comparable SPAC issuance model and de-SPAC execution pathway (Virgin Galactic, SoFi, etc.).
• Reinvent Technology Partners: SPAC sponsored by Reid Hoffman and Mark Pincus. Directly comparable SPAC structure focused on identifying and merging with a single growth-stage target.
• CF Acquisition Corp IV: US-listed SPAC formed to effect a business combination with a target. Comparable blank-check structure, IPO sizing, and target identification process.
• Aldabra Acquisition Corporation: US-listed blank-check company formed for the purpose of effecting a merger or similar business combination. Directly comparable SPAC structure and capital raise profile.
• Khosla Ventures Acquisition Co. US-listed SPAC sponsored by Khosla Ventures. Directly comparable as a venture-backed blank-check company formed to identify and merge with a target in a similar equity valuation range.
• Northern Star Acquisition Corp: US-listed blank-check company formed to effect a business combination. Directly comparable SPAC structure and capital raise profile.
• Pershing Square Tontine Holdings: US-listed blank-check SPAC sponsored by Pershing Square, formed for the purpose of effecting a business combination with a target. Directly comparable in capital-raising structure, public listing dynamics, and single-deal SPAC model.
• Churchill Capital Corp IV: US-listed blank-check SPAC that merged with Lucid Motors in a high-profile de-SPAC. Directly comparable SPAC structure, capital raise size, and execution pathway.

Broad incumbents

• Gores Holdings: Established serial SPAC sponsor (A.F. Moore affiliate) with multiple concurrently active blank-check companies. Comparable SPAC issuance model but operates at a larger scale across more vehicles than Twelve Seas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/twelve-seas-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Twelve Seas