January 27, 2015
Designed as a home network for homeowners and home professionals, Porch recently announced that they have successfully raised a Series B funding round totaling $65 million. The main investments were from Valor Equity Partners, Lowe’s Companies, Founders Fund, Battery Ventures, Panorama Point Partners, Capricorn Investment Group, and home improvement expert Ty Pennington.
Porch has only been around for two years, but to date they’ve raised $100 million in funding. The newest round of funds will be used to continue their trend of explosive growth through 2015, developing initiative products for homeowners, and scaling their operations infrastructure.
According to the team, their specific plans are to roll out a national ability for homeowners to book the best professionals at pre-negotiated prices through Porch Booking, one of the features of the Porch App. The team wants to provide an end-to-end marketplace where Porch processes the transaction and guarantees the services behind the professionals.
“The last year has been one of tremendous growth for Porch,” says Matt Ehrlichman, CEO and Chairman of Porch. “We are eager to make 2015 a huge year for our customers by fundamentally changing the way people care for their homes. You will see this reflected in our suite of products that will sweep the US over the next 365 days.”
Along with the funding, Valor Equity Partners’ CEO Antonio Garcias will be joining Porch’s board of directors.
“While their growth over the past 12 months has been remarkable, what really sets them apart is their dedication to operational excellence, delighting customers, and solving problems that exist for every homeowner through product innovation,” says Garcias. “As strong as the last year has been, the best is yet to come.”
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