Porch, the marketplace for repair and home-improvement gigs, is making a total of four acquisitions worth about $122 million. Talk about swinging your, uh, porch swing around…
Just a friendly reminder that this is coming just a few weeks after Porch’s SPAC IPO. The company is acquiring Homeowners of America, expanding Porch in the home-insurance space for only a cool $100 million. Plus, they’re buying V12 for $22 million (V12 is a marketing and data SaaS), as well as iRoofing, a SaaS for contractors in the roofing niche, and Palm-Tech.
The company is seven years old, but four acquisitions at once? That’s pretty ballsy for a company that just IPO-ed.
Their end game is to become the all-in-one platform or solution that’s a total vertical software platform for the home. The company now offers services from Inspection Support Network (tailored to home inspectors), Kandela (which offers moving services), Elite Insurance Group (which offers insurance brokerage), and HireAHelper (the name is self-explanatory).
Matt Ehrlichman, Porch’s founder and CEO, originally thought the company would go public through your traditional IPO. Going the SPAC route helped him push the timeline up and increase their 2021 revenue predictions from $120 million to $170 million, which would equate to a 134% year-over-year growth.
Do you think we’ll see the same amount of companies go the SPAC route in 2021 as we did last year? Give us your thoughts by hitting reply!
It’s Taco Tuesday
Okay, it’s Friday, but for Beyond Meat it’s time to celebrate based after their shares soared thanks to their new collaboration with Taco Bell.
Beyond Meat’s stock was up by almost 14% yesterday thanks to Taco Bell’s announcement that they’re coming up with new menu items with the alternative meat company this year.
The president of North American operations for Taco Bell, Julie Fells Masino, was heard saying, “We’ve looked. We’ve met with Beyond, we’ve met with Impossible — our head of innovation knows everybody, and they all know her, but I think what we’re proud of is that we’ve been doing vegetarian for 57 years.”
Taco Bell has been making a name for themselves over the past year after deleting cult-classic favorites from their menu and drawing fans to their attraction mechanisms, like the Taco Bell Hotel in Palm Springs, California.
Taco Bell considers itself a leader in the vegetarian space — or at least Taco Bell’s Global Chief Food Innovation Officer Liz Matthews does.
The company has been bragging about their “over 30 vegetarian ingredients on the US menu”, however the lack of protein was highly noticeable. I mean, hello, over half their demographic are bro gym rats who need protein-focused meals, whether or not they come from animal sources or vegetarian ones.
Do you think Taco Bell can keep standing out from the crowd and making a name for themselves in the alternative meat space? Hit reply and tell us your thoughts!
Medium Is Dominating the Reading Space
I mean, who reads anymore anyway? Apparently a boatload of people which is why Medium, an online publication company, has decided to acquire Glose, a startup based out of Paris that lets customers buy and download books on any device they want.
Uh… isn’t that already possible from their competitors?
Well… Glose has become more of a multiplayer experience where users can create a virtual bookshelf, start conversations in the library and share notes with followers (sounds like my time in the college bookstore).
What makes Glose different from other platforms like Goodreads is the social features are intricately intertwined with the reading features. Plus, they offer some gamification, like an incentive to stay motivated while reading difficult books.
Glose even has a separate service to their main platform called Glose Education which lets teachers from high schools and universities assign homework and educational resources outside of the book a group is reading.
The platform has done well not only by partnering with universities like Stanford and Columbia, but also by positioning itself as a comprehensive bookstore. Well played, Glose, well played.
What’s more interesting is to see Medium expand from just blogs and articles. Integrating audio and e-books as a part of their service is a smart move considering many blog influencers are also authors of books or prolific book readers. It looks like Glose will stay in Paris and that is a great move for Medium which only has offices inside the US.
Are you a reader or author of Medium? Hit reply and share with us!