Porch (company)
| Company type | Public |
|---|---|
| Industry | Home improvement services |
| Founded | September 2012 |
| Founder | Matt Ehrlichman |
| Headquarters | Seattle, Washington , United States |
Area served | United States |
Key people | Jean Sini (leadership team member after acquisition of Fountain) |
| Products | Online platform for home improvement projects, contractor directory, pricing guides, appointment scheduling |
Number of employees | 450 (2018) |
| Website | porch |
Porch operates as an online platform that connects homeowners with local home improvement professionals, providing informative articles, pricing guides, and the ability to schedule appointments for more than 160 different home-related projects.
History
Founded in September 2012 by Matt Ehrlichman, Porch began as a digital network designed to link homeowners with skilled contractors.[1]
By 2018, the platform featured a directory of over 300,000 service providers throughout the United States.[2] Strategic collaborations with retailers such as Lowe's,Cite error: The opening <ref> tag is malformed or has a bad name Wayfair,Cite error: The opening <ref> tag is malformed or has a bad name and Pottery BarnCite error: The opening <ref> tag is malformed or has a bad name have enabled Porch to offer access to a wide range of home services through its partner network.Cite error: The opening <ref> tag is malformed or has a bad name
In 2017 alone, Porch supported upwards of 2 million home improvement projects,Cite error: The opening <ref> tag is malformed or has a bad name contributing to nearly $1 billion in revenue generation.[2]
Porch became publicly traded in December 2020 through a merger with a special purpose acquisition company and is currently listed on the Nasdaq.Cite error: The opening <ref> tag is malformed or has a bad name
Funding
In June 2013, Porch completed a $6.25 million seed funding round backed by prominent investors including Ron Conway of SV Angel, Javier Olivan, and Jeffrey Skoll.
A Series A financing round in September 2014 brought in $27.6 million, spearheaded by Lowe's. This round also saw Joe Hanauer—Chairman of Move and former CEO of Coldwell Banker—join Porch’s board.
January 2015 marked a $65 million Series B investment led by Valor Equity Partners, with contributions from Lowe's, Founders Fund, Battery Ventures, Panorama Point Partners, Capricorn Investment Group, and Ty Pennington. Antonio Gracias from Valor Equity Partners also joined the board at this time.
In January 2020, Porch raised an additional $21 million in a Series C round involving Moderne Ventures, Watsco, and existing shareholders.
During its December 2020 initial public offering, Porch secured $150 million from Wellington Management Company, Scopus Asset Management, and Point72 Asset Management. The IPO resulted in gross proceeds totaling $322 million.
Lowe's partnership
Porch formed a nationwide collaboration with home improvement retailer Lowe's in April 2014. This partnership included installing promotional displays and interactive kiosks within Lowe's stores to connect shoppers directly with Porch’s network of contractors.
Headquarters relocation
To support business expansion and operational growth, Porch relocated its headquarters in May 2015 to Seattle’s SODO district in the southern part of the city.
Acquisition of Fountain Software, Inc.
In October 2015, Porch acquired Fountain, an online communication platform co-founded by Aaron Patzer—creator of Mint.com—and Jean Sini. Following the acquisition, Sini joined Porch’s leadership team to strengthen the company’s product development capabilities.
Wayfair partnership
By April 2016, Porch had entered into a partnership with Wayfair to deploy the Porch Retail Solution across fifteen national markets, thereby broadening its footprint within the home services sector.
Layoffs
After expanding its workforce to approximately 500 employees, Porch reduced headcount to around 250 in late 2016 to prioritize profitability over rapid revenue growth. This restructuring involved the departure of several senior executives including the Chief Product Officer, CFO, and CTO. By April 2018, the company had grown again to about 450 employees with a focus on bolstering a dedicated EPDA team (engineering, product, design, analytics) consisting of roughly 100 staff members aimed at fostering innovation and enhancing business outcomes.
Facebook Marketplace
In May 2018, Porch broadened its international presence by joining Facebook Marketplace as a provider in the home services segment, thereby enhancing its market penetration and expanding its customer base.