Enhanced, a startup promoting a sports competition that permits use of performance-enhancing substances, announced Wednesday that it plans to go public through a SPAC merger.
Founded in 2023, the company’s business model revolves around an annual event, The Enhanced Games, that allows athletes to compete while using enhancements under medical supervision. It plans to make money through competition media and broadcasting rights as well as by offering direct-to-consumer performance medicine products and telehealth services.
In February, Enhanced raised a Series B round of undisclosed size, co-led by 1789 Capital, an investment firm that counts Donald Trump Jr. as a partner. The company raised a seed round in early 2024 from backers including Peter Thiel.
Under terms of the merger agreement announced today, Enhanced will merge with a blank-check acquirer, A Paradise Acquisition Corp., which currently trades on Nasdaq under the ticker symbol APAD. It plans to trade under the ticker EHNA once the deal closes.
The merger agreement sets a $1.2 billion enterprise value for Enhanced and may provide up to $200 million in cash for the company. Enhanced said it also closed a $40 million equity private placement prior to completing the SPAC agreement.
The first Enhanced Games will take place at Resorts World in Las Vegas beginning on May 24, 2026. Enhanced said it expects participation from a number of prominent athletes, with gold medalists, world champions and current world record holders, including sprinter Fred Kerley and swimmer Ben Proud.
Illustration: Dom Guzman
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