Our story
In 2012, our founder embarked on the journey to create a truly great company. One designed to endure, solve problems, and leave a lasting impact. Drawing on experience from building successful ventures, the mission was clear: to make the homeownership journey easier by addressing challenges around moving, maintaining, and protecting homes. This led us to focus on homeowners insurance, an essential service that fosters long-term customer relationships in a rapidly growing industry ripe.
From the start, we committed to standing out through the use of data in risk assessment, efficient consumer reach, and unparalleled user experience. By leveraging data, strategic acquisitions, and our vertical software platforms, we built a system to serve key homeownership needs. Today, more than 40% of home inspections in the U.S. rely on our software, alongside tools for title companies, and mortgage providers. We've also expanded into consumer services like warranties, moving support, and home setup assistance.
Our strategy has always been data-driven. By integrating unique insights from our software systems and acquisitions like V12, we’ve built an advanced platform to assess risk, improve underwriting, and enhance protection. This approach has culminated in a key milestone: launching the Porch Insurance Reciprocal Exchange, setting the stage for an optimized, scalable insurance business.
Since going public, we’ve grown significantly from $72 million in 2020 to $438 million in revenue in 2024, and reaching Adj EBITDA profitability, positioning us for growth. Looking ahead, we aim to scale our homeowners insurance business and target Porch Shareholder Interests Adjusted EBITDA of $100 million in 2026.
This is more than just insurance; it’s a reimagination of the homeownership experience. We’re building a New Kind of Insurance Company for the future.
The journey so far
Having recently moved and began planning his family’s new home, Founder Matt Ehrlichman realizes how much stress and hassle comes along with homes. He decides his next business will focus on making the home simpler and founds Porch.
Porch is founded
Porch exits stealth mode and launches as a home services marketplace with 1.5 million professionals listed and a unique data platform of home projects all with the mission of helping homeowners get projects done.
Launch
A great place to work & USA Today’s Entrepreneur of the Year
Porch is named Seattle's fastest growing company and one of the best places to work by Seattle Business Magazine. Matt Ehrlichman is named USA Today Entrepreneur of the Year.
Porch partners with Lowe's and other major partners, expands nationally, and begins to build proprietary demand channels.
Partnerships
Porch continues expanding, moving into its current headquarters in Seattle's SODO neighborhood.
New HQ
Vertical software platform
Porch quietly makes its key pivot, transitioning to becoming a vertical software platform and begins providing CRM solutions to companies who are involved in the home buying process. Porch launches its Moving Concierge products and services to simplify the entire move by helping homeowners tackle every item on their moving to-do lists.
Porch acquires Inspection Support Network to become the leading provider of software to home inspectors.
Inspection Support Network
Vertically integrating key services
Porch begins strategically identifying verticals to own more of the experience, starting with handyman, before expanding into moving, insurance, and security.
Porch continues expanding its software platform for companies, launching additional modules and rapidly growing its customer base.
Vertical software expansion
Porch launches partnerships with the leading warranty and real estate companies, to help their customers move.
Warranty and real estate expansion
Porch divests parts of the business as more focus is put in to its vertical software platform.
Divestitures
The Porch vertical software platform has grown revenues 10x between 2017 and 2019 and now reaches 65% of all US homebuyers each month from more than 11,000 companies.
HireAHelper & moving services
Porch acquires HireAHelper, adding CRM tools for moving companies and expanding full-service capabilities into moving.
Porch acquires Kandela, expanding into the utilities industry and launching TV/internet.
Kandela
Porch goes deeper into the insurance value chain by helping with all types of P&C insurance through the leading carriers.
Insurance
Intention to go public announcement
Porch announces a merger with PropTech Acquisition Corp to take our company public on the NASDAQ through a SPAC IPO.
Rapid growth
Porch rings the opening bell on the Nasdaq and begins trading under the ticker symbol PRCH
Nasdaq IPO
Vertical software expansion
Porch acquires iRoofing, further expanding its vertical software capabilities to roofing contractors
Porch executes definitive agreement to acquire Homeowners of America, moves deeper in the insurance value chain and becomes one of the largest “InsurTech” companies with over $270 million of expected pro forma Gross Written Premium.
Porch acquires Floify to help mortgage companies and loan officers simplify the loan origination process through its digital mortgage automation and point-of-sale software.
Mortgage expansion
Warranty expansion
Insurance expansion
Mover marketing expansion
Porch acquires V12 to expand mover marketing capabilities
InsurTech expansion
Porch acquires Rynoh to help settlement agents protect real estate transactions with transaction reconciliation and monitoring software.
Title and closing services expansion
Residential Warranty Services, based in Carmel, Indiana, is a national provider of home warranty products and inspector-centric software and services including its innovative 90 day warranty product. The company distributes solutions through a network of real estate agents and more than 1,000 home inspectors.
Raised 2028 Secured Notes
Secured $333m of new senior secured convertible notes that increases Porch Group’s capital and extends a maturity extension
Achieved H2’23 profitability
We beat the H2 2023 profitability target set two years ago, with second half Adjusted EBITDA of $21 million
PIRE approved
Porch Insurance Reciprocal Exchange approved by the Texas Department of Insurance. This is a key milestone for Porch Group
Leading loss ratios in the US
Homeowners of America achieved top decile Gross Combined Ratio performance
Homeowners of America expanded to more than 20 States
Named Great Place to Work
Porch is recognized for building a strong culture, lead by its values
Leading loss ratios in the US and Texas
Homeowners of America achieved top decile Gross Combined Ratio performance
Achieved ’24 profitability
We delivered on our Full Year 2024 Adjusted EBITDA profitable target, set 3 years ago, with $7 million Adjusted EBITDA
Formed PIRE
Porch Insurance Reciprocal Exchange (PIRE) formed and will soon launch Porch Insurance offering