Total amount raised
$104 Millions
Latest funding date
7/1/2021
Location
Matterport has successfully raised significant funding over multiple rounds, culminating in its acquisition by CoStar Group for $1.6 billion. The platform specializes in creating immersive 3D digital twins, transforming how spaces are captured, shared, and collaborated upon.
Keep reading to explore the intricacies of Matterport's fundraising journey and the investors backing this innovative platform.
What Is Matterport?
Matterport, founded in 2011 by Dave Gausebeck, Matt Bell, and Mike Beebe, is headquartered in Sunnyvale, California. The company specializes in digitizing physical spaces into immersive 3D digital twins, revolutionizing industries like real estate, construction, and facilities management.
With an all-in-one 3D data platform, Matterport enables users to capture, share, and collaborate on accurate digital representations of physical locations. This technology enhances operational efficiency and communication across various sectors.
Currently, Matterport employs between 501 and 1000 people, driving innovation and expanding the possibilities of spatial data.
How Much Funding Has Matterport Raised?
- Series A
- Amount Raised: $2.8M
- Date: September 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial technology and product offerings.
- Series B
- Amount Raised: $16M
- Date: July 2014
- Lead Investors: DCM Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series C
- Amount Raised: $35M
- Date: June 2015
- Lead Investors: Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Venture Round
- Amount Raised: $5M
- Date: August 2017
- Lead Investors: Ericsson Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development of new features and market expansion.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: May 2018
- Lead Investors: State Auto Labs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further penetrate the real estate and insurance markets.
- Series D
- Amount Raised: $48M
- Date: March 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: $325M
- Motivation Behind the Round: To expand the platform and improve AI capabilities.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: PTC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To integrate with PTC's technology and expand market reach.
- Series D
- Amount Raised: Not publicly disclosed
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To sustain growth and innovation during the pandemic.
- Post-IPO Equity
- Amount Raised: $295M
- Date: July 2021
- Lead Investors: BlackRock, Dragoneer Investment Group, Fidelity, Lux Capital, Miller Value Partners, Senator Investment Group, Untitled Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate global expansion and product development.
Total Amount Raised: $401.8M
Current Valuation: $1.6B
Key Investors
- BlackRock
- Details: BlackRock is a global investment management corporation, known for its extensive range of investment strategies. It manages assets for clients worldwide, including governments, companies, and individuals.
- Investment Focus Areas: Equity, fixed income, cash management, alternative investment, advisory services.
- Notable Investments: Apple, Microsoft, Amazon.
- Dragoneer Investment Group
- Details: Dragoneer Investment Group is a growth-oriented investment firm that focuses on technology-enabled businesses. The firm is known for its long-term investment approach and strategic partnerships.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Airbnb, Spotify, Uber.
- Fidelity
- Details: Fidelity Investments is a multinational financial services corporation offering a wide range of financial products and services. It is one of the largest asset managers in the world.
- Investment Focus Areas: Investment management, retirement planning, portfolio guidance, brokerage.
- Notable Investments: Tesla, Alphabet, Facebook.
- Lux Capital
- Details: Lux Capital is a venture capital firm that invests in emerging science and technology ventures. The firm is known for backing companies that are at the forefront of innovation.
- Investment Focus Areas: Science, technology, healthcare.
- Notable Investments: Auris Health, Zoox, Shapeways.
- Qualcomm Ventures
- Details: Qualcomm Ventures is the investment arm of Qualcomm, focusing on early-stage and growth-stage investments in technology. The firm aims to support companies that align with Qualcomm's strategic interests.
- Investment Focus Areas: Mobile, IoT, AI.
- Notable Investments: Zoom, Waze, Fitbit.
What's Next for Matterport?
Matterport stands at the cusp of significant growth, driven by the increasing demand for immersive 3D experiences in real estate, design, and insurance. Leveraging AI to convert 2D images into 3D, the company aims to build a vast library of 100 million 3D images, making its technology more accessible and versatile. This expansion presents a substantial market opportunity, as businesses across various sectors seek realistic and immersive digital solutions.
Future fundraising efforts are likely, given the company's strategic hires and technological advancements. A larger growth round from existing and new investors could further accelerate Matterport's global expansion and product development. However, the company faces challenges such as competition from other 3D imaging startups and the need to continuously innovate its AI algorithms. Balancing the development of high-end cameras with the integration of more affordable devices will be crucial for sustained growth.
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