While Silverbear was initially reported to be leading the equity round, the firm’s partner Brad Pamnani recently told TechCrunch he’s actually putting the deal together through a special purpose vehicle (SPV) managed by a private equity fund based in the United Arab Emirates.
“At the beginning, I used my Silverbear email to respond to some things and that caused some confusion but Silverbear was never actually looking at this deal,” Pamnani said.