Big news from one of the biggest spatial data and virtual imagery providers in the world. Matterport, after gaining leaps and bounds throughout the pandemic, is continuing this upwards trajectory by going public on Nasdaq under the ticker symbol, MTTR.
To celebrate the occasion, Matterport held an event in Time Square, showcasing a digital copy of the Nasdaq Marketsite which allows passerby's to experience the 3D technology offered by Matterport. On the event, RJ Pittman, CEO of Matterport, commented:
"What better way to mark this historic milestone of Matterport's IPO than to digitize the Nasdaq MarketSite, a flagship place where disruptive industry players like us become listed companies.
“We have been leading the digital transformation of the built world for over a decade, so it is only fitting for us to demonstrate the power of our platform by inviting anyone to experience the Nasdaq site through this digital twin. one of a kind. So, we invite the world to celebrate our debut on the stock market, and continue to be committed to helping clients digitize and manage any physical space from any device, anywhere in the world."
The driving force behind its public debut stems from recent successes seen in the face of the COVID crisis, which put many real estate companies under great stress. Matterport reported that its subscriber numbers grew 500% in 2020. Matterport has digitized 5 million spaces since its launch in 2011, comprising over 4.57 billion square meters of space. It has done 4 billion building scans, making it the largest assets catalog in the world, which represents $230 trillion in value.
Matterport, like many other companies in recent months, chose to take the SPAC route instead of the traditional IPO avenue. The merger involved Matterport joining up with Gore Holdings VI. Together, the combined company will strengthen Matterport’s position as the market leader in spatial data.
Other companies which have recently gone public via SPAC include PropertyGuru which will merge with Bridgetown 2, German rental marketplace HomeToGo, and Sonder.