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September 24, 2020

Porch adds to board before it goes public

Local startup Porch, an online platform for residential real estate services including home repairs, plans to go public in the fourth quarter of this year. The local firm will merge with publicly traded PropTech Acquisition Corp. of Los Angeles, which will then take Porch's name. As part of the planning, PTAC valued Porch at $523 million. And Porch just named five new members to its board: Javier Saade, Chris Terrill, Regi Vengalil, Margaret Whelan and Thomas Hennessy, the co-CEO of PTAC. Porch co-founder and CEO Matt Ehrlichman will then become chairman of the new nine-member board, effective when the company shares start trading. Ehrlichman said in a statement, “We are looking forward to this diverse and accomplished board, along with our partners at PropTech, to facilitate a smooth transition to becoming public, set strategy and maximize our pathways to create shareholder value.” Porch launched in 2013, has been through several rounds of private funding, and says it now reaches two out of three U.S. homebuyers every month. The platform offers access to over 11,000 vendors.




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