Richmond, BC-based last-mile delivery company UniUni is reportedly planning to go public by merging with a special purpose acquisition company (SPAC).
According to The Globe and Mail, the deal would see UniUni merge with MAK Acquisition, a Toronto Stock Exchange-listed SPAC led by ex-Dye & Durham CEO Matthew Proud, and value the combined entity at more than $1 billion USD ($1.4 billion CAD).
The deal could be announced publicly within a week.
The Globe and Mail reports that alongside this merger, UniUni is also raising $100 million USD in a private investment in public equity. MAK already has approximately $100 million USD in trust capital, which remains subject to investor redemptions. The Globe and Mail says this deal could be announced publicly within a week.
In a Wednesday news release, MAK said it is in discussions about potential acquisitions but that it has not yet entered into any agreements.
“While the company’s policy is to not comment on rumours or speculation, [MAK] confirms it is engaged in discussions with respect to such a transaction, among other potential qualifying acquisitions, each at different stages,” the release reads. It also states that “there can be no assurance that any discussions that have taken place will result in any such agreements or understandings.”
BetaKit reached out to UniUni and MAK for more information. A MAK spokesperson wrote in an email that the company has no comment beyond its press release. UniUni did not respond by press time.
UniUni acts as a delivery partner for e-commerce giants like Shein and Temu. Reports of a potential acquisition come two months after the fast-growing firm announced $85 million USD in fresh equity and debt financing to fuel its North American expansion, from Beijing-based Rockets Capital and the Royal Bank of Canada, respectively, among others, bringing its total funding to $285 million USD.
UniUni got its start as a restaurant delivery service before moving into gig worker-powered e-commerce fulfillment during the COVID-19 pandemic. Since then, the technology-enabled logistics firm’s business has been booming.
Citing a confidential memorandum it obtained that was circulated to investors this spring, The Globe and Mail reports that UniUni’s revenue grew from $113 million USD in 2023 to $295 million USD in 2024 and $683 million USD in 2025.
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That memo also indicates UniUni expects to hit $1.1 billion USD in sales this year and surpass $1.5 billion USD in 2027. According to The Globe and Mail, the company lost $70 million USD in 2025, but expects to reach profitability this year and generate $125 million USD in pre-tax profits in 2027, thanks to a growing share of business from higher-margin North American shippers, cost efficiency gains, and increased volumes.
A pitch deck that UniUni shared with investors in 2025, which BetaKit obtained, indicates that as of late last year, UniUni had more than 100,000 registered drivers who were delivering 1.2 million packages per day using their private vehicles.
UniUni’s labour practices have been scrutinized in the past, including from multiple proposed class action lawsuits. Media reports last year also said local police in Connecticut found people sleeping in sordid conditions inside a UniUni warehouse.
In going public via SPAC, UniUni is expected to join Toronto-based quantum computing firm Xanadu, which recently completed this path, and Richmond, BC fusion power firm General Fusion, which hopes to follow suit in the coming months.
With files from Alex Riehl.
Feature image courtesy UniUni.