Home services tech startup Porch.com made its debut on the Nasdaq Stock Exchange Thursday morning at a valuation of $523 million.
Porch.com, a home services marketplace with partners in insurance, utilities, home inspection and moving, plans to use the cash to pursue acquisitions to seize the opportunity in real estate.
“While our business has been growing very rapidly organically, there are acquisition opportunities that we do want to be able to pursue,” Ehrlichman said in an interview Thursday morning. “Being a public company with with a very strong balance sheet allows us to be able to go and pursue those more quickly.”
+Porch’s bread-and-butter is providing software in exchange for access to their partners’ home-buyer clients, whom it tries to package contractor and utility services.
Part of the growth plan involves offering its ERP and CRM software to more companies in key verticals such as home inspection industry and the moving industry, Ehrlichman said. They’ll also focus on the home insurance industry.