Porch is raising a pile of cash as the Seattle-based home improvement marketplace aims to reach profitability.
Porch raised $20.6 million as part of a Series C round, according a filing with the U.S. Securities and Exchange Commission. The regulatory filing indicates the round could ultimately grow to as much as $37 million.
It’s the first equity round for Porch since the company landed a $65 million investment in 2015.
CEO Matt Ehrlichman told GeekWire the round will help the company’s push toward profitability and fund operations. Investors include early stage venture fund Moderne Ventures, HVAC distributor Watsco, among others, and existing investors.
Porch matches customers with home services professionals for improvement projects. The company has inked several key partnerships with companies including Facebook, eBay, Overstock and Streem.
Porch grew rapidly and raised $100 million less than two years after it came out of stealth mode in 2013. But just months later, Porch reduced its headcount from 500 to 250 as the company was forced to repair the business.
Porch emerged from a two-year quiet period in April 2018, and it has resumed its growth trajectory. Ehrlichman wouldn’t say how many employees the company has now. Headcount hit 875 in August, the company said at the time, following several significant acquisitions.
- In August 2018, Porch acquired Serviz, a home services company that focuses on appliance repair, plumbing, electric, handyman, and carpet cleaning.
- In April 2019, Porch scooped up Kandela, a 100-person Los Angeles-based company that aims to simplify the moving experience by setting up installation of home services like TV, internet and security systems.
- And then in July, Porch bought San Diego-based moving marketplace HireAHelper, which helps 250,000 people move per year.