Porch.com to go Public via SPAC

August 2, 2020
Share this Post: 

The home services company Porch.com, which runs a platform for users to find and book home improvement services, has announced that it is to go public via a special purpose acquisition company (SPAC). The deal will see the company effectively merge with LA-based PropTech Acquisition Corp before launching on the market with a valuation of $523 million.

The company generates its revenue by selling software to moving and insurance companies as well as by providing a marketplace for users to find home improvement services. The business has seen rapid growth over the last few years and generated $57 million in revenue for 2019 with $73 million projected for 2020. Despite the revenue growth, the company is still not operating a profitable business and will be hoping that the IPO will bring in the capital to scale the product and reach that milestone.

The novel SPAC approach to the IPO has been rumored for some time to be the way that PropTech companies will look to bring their firms to the public market in the future. Before having its valuation slashed at the onset of the global pandemic, Airbnb was looking at going public via an SPAC and the commercial real estate marketing company, which recently launched its hotly anticipated portal, was reportedly approached by a SPAC to go public recently as well. Porch.com’s existing VC investors, including Valor Equity Partners, Lowe’s Cos., Founders Fund and Battery Ventures, will be paid out $30 million on the IPO.

Read more

August 2, 2020
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Homely Financial Results
Australian Portal Homely Records 16% More Enquiries in 2023

Australian challenger portal Homely generated over 15.5 million enquiries in the 12 months from April 2023. Homely, which competes with...

Read More
Yandex Q1 Strong Performance From Divested Assets
Yandex Q1 2024: Net Losses for Remaining Assets After Large Scale Divestments

Yandex N.V., the Dutch holding company of the marketplace giant Yandex, has released its financial results for the first quarter...

Read More
Rent.com .Au Q3 Revenus Up
Rent.com.au Q3 2024 Financial Statement: Record Quarterly Revenues of A$890,000

The rental portal operator Rent.com.au has released a report on its activities for Q3 of the Australian financial year. Highlights...

Read More
Schibsted Q1 Group Revenues Down Classifieds Revnues Up
Schibsted Revenues Down Slightly YoY in Q1 Filings

Schibsted, the Norwegian conglomerate that operates marketplaces in the Nordics, Europe and Latin America, has released its Q1 2024 numbers...

Read More