Porch Group shares began trading publicly Thursday on Nasdaq following its merger with a special purpose acquisition company (SPAC) called PropTech. The shares, trading under the ticker symbol PRCH, closed at $15.03, up from PropTech’s stock price of around $12 a week earlier.
Seattle-based Porch gains access to about $170 million in capital previously raised by the SPAC, as well as $150 million in financing for Porch that was predicated on closing the merger.
Porch connects homebuyers to services such as inspections, moving and insurance through Porch.com, and also provides software to run those service firms.
CEO Matt Ehrlichman said in an interview last week that he expects to use the funds and the now-tradable shares for deals to expand the company.