Real estate VR tech firm Matterport to go public via SPAC
Merger will push valuation of firm above $2B
The VC-backed real estate tech company Matterport, which designs software that allows virtual walkthroughs, is the latest firm to explore going public via a blank-check company.
The company is in talks to list via a merger with Gores Holding VI, a special-purpose acquisition company founded late last year by investment firm the Gores Group, Bloomberg News reported. The companies confirmed the arrangement in a press release Monday morning.
The deal is expected to close in the second quarter of 2021. The new company will be known as Matterport Inc., and will list on Nasdaq under MTTR. The transaction would value the combined company at more than $2 billion, according to Bloomberg.
Virtual walkthroughs of properties have become increasingly popular during the pandemic, especially in areas of the country where in-person showings were prohibited for a period of time.
Matterport’s 3D technology is used in more than 130 countries by clients, which include Redfin and Marriott International. The company has raised $168 million and was valued at $355 million in 2019. Its investors include DCM Ventures and the venture arms of Advanced Micro Devices and Qualcomm.
The SPAC frenzy that has gripped investors in the past year has extended to real estate, with several companies — including Opendoor and Porch.com — going public in 2020 via blank-check firms. Other large real estate firms, including Tishman Speyer and CBRE, have launched their own blank-check companies to court proptech deals.
[Bloomberg News] — Sasha Jones