Matterport $2.9B SPAC Announcement Marks Navitas' 2nd Billion Dollar Plus Portfolio Company Public Valuation Since December
Matterport's $2.9B valuation is Navitas' second portfolio company to announce a billion dollar plus transaction value in the past two months, following View's announcement of a $1.6B SPAC.
LOS ANGELES, Feb. 11, 2021 /PRNewswire/ -- Navitas Capital announced today that its portfolio company, Matterport, will be going public following a merger with Gores Holdings VI at a valuation of $2.9 billion. Navitas first invested in Matterport's seed round after meeting the team at Y-Combinator, the Silicon Valley accelerator in 2011. Following its initial investment, Navitas continued to invest in each following round up to today's announcement. Navitas' Matterport investment came after investing in Matterport's Y-Combinator classmate, PlanGrid, a leader in construction management software acquired by Autodesk for $875M in December 2018.
Travis Putnam, Managing Partner and Co-Founder of Navitas said, "It's incredibly gratifying to see the maturation and acceleration of the venture sector across real estate and construction. When we formed Navitas over a decade ago, we recognized the breadth of venture investment opportunities across the world's largest asset class. Since then, we have invested in over 35 companies that have created over $10 billion in market value. Matterport was one of our first and largest investments, and we believe the company is just getting started on its path to digitizing the built world. We're happy to have supported the transaction and proud to have been amongst Matterport's earliest investors."
RJ Pittman, CEO of Matterport, said, "Navitas was one of our first partners and provided not only capital, but industry access and strategic support. We are grateful for their steadfast conviction in the company all the way from Matterport's earliest days through this exciting announcement."
About Navitas Capital
Navitas Capital is a venture capital firm focused on transformative technology investments in the real estate and construction industries. Over the past 10 years, across the firm's first three funds, Navitas has invested early in category-defining companies including Matterport, PlanGrid, Procore, and View. The firm's current portfolio includes industry leaders HqO, OpenSpace, Orchard, MeetElise, PeerStreet, Cherre, Bowery, and Gridium. Navitas evaluates potential investments through the venture fund and in collaboration with its strategic limited partners, which include publicly traded REITS, real estate private equity firms, Fortune 500 companies, and family offices. For more information, visit www.navitascap.com.
SOURCE Navitas Capital
Share this article