From pullback to Nasdaq, here's how proptech startup Porch used a shortcut to snag a $500 million valuation: by Noah_Kirsch
aimed at enticing investors. Friday’s announcement marks a dramatic turnaround for Porch, which had revenue of $57 million in 2019.
Proptech firms like PocketList, a rental platform, and Openpath, which specializes in keyless door access, completed funding rounds this summer. Porch, though, is taking a more discreet route, by merging with a listed shell company created by veteran real estate investors that began trading as a SPAC last fall.
“It used to be that way,” says Mitchell Nussbaum, the vice chair of Loeb & Loeb. “I think it’s completely outgrown that.”The Real Deal The plan is to use a chunk of the money raised in the offering to acquire software companies in the home-services space and to further invest in its homeowner’s insurance offerings, which Ehrlichman says will help the company reach its revenue projection of $120 million in 2021. That will build on its earlier acquisitions, like HireAHelper, a database of local movers, and Kandela, a moving concierge outfit.
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