What Happened to Porch Group?
Ticker: PRCHSPAC Year: 2020Merger: 2020
Return
-75.0%
Current Price
$2.5
Peak Price
$30
Trust Size
$200M
Summary
Home services and insurance platform. Acquired HOA.com and insurance companies. Crashed 92% as insurance losses and rising interest rates crushed the housing-adjacent business.
What Happened
Porch merged with PropTech Investment Corp II in December 2020. The company pivoted from home services marketplace to homeowners insurance through acquisitions. It aimed to be the one-stop-shop for everything home-related. But insurance underwriting losses were enormous â especially with climate disasters. Revenue grew to $400M+ but losses were even larger. Stock crashed from $30 to $2.50.
Key People
Timeline
2020-07
SPAC merger announced
2020-12
Merger completed
2021-02
Stock peaks at $30
2022-01
Insurance losses mount
2024-01
Stock at $2.50, restructuring