The spatial data and 3D software company Matterport (MTTR) made its stock market debut through an SPAC deal backed by renowned investor Alec Gores. The company has secured a strong foothold in the industry, with disruptive product and service offerings. However, with negative profit margins, is MTTR a good bet now? Read more to find out.Sunnyvale, Calif.-based spatial data company and 3D camera maker Matterport, Inc. (MTTR) went public through a reverse merger on July 23. The company merged with blank check company Gores Holdings VI, which is backed by billionaire investor Alec Gores. MTTR’s enterprise value post-merger was $2.90 billion.
The company raised $310 million from Gores Holdings VI and $295 million through PIPE investments. The stock has gained 39.1% in price since its debut.
MTTR sells 3D cameras that facilitate virtual tours of real estate. However, the company gained popularity after launching an iPhone app in May 2020 hat captures 3D models of homes. Regarding this software launch, MTTR Chairman and CEO RJ Pittman said, “We signed more customers in the first three days of the beta launch than the first eight years of the company.”