International law firm Dorsey & Whitney LLP represented Porch.com, Inc. in its Series B preferred stock offering, resulting in aggregate gross proceeds to PORCH of over $65 million. PORCH is a home network that includes over 3.2 million professionals and over 130 million projects, allowing homeowners to find the right professionals at no charge, get inspiration and manage their homes.
The round was led by private equity fund Valor Equity Partners, and other investors included Lowe’s Home Centers, Peter Thiel’s Founders Fund, Panorama Point Partnership, Capricorn Investment Group and celebrity home improvement expert Ty Pennington. PORCH intends to use the funds to continue its growth in 2015, developing innovative products for the home improvement, home maintenance, and home buying industry in addition to scaling its operations infrastructure to meet growing demand from homeowners and professionals.
Dorsey advised PORCH on all phases of this complex stock offering. The Dorsey team was led by Partners Peter Ehrlichman and Randal R. Jones, and also included Partners Marianne O’Bara, Michael Lindsay and John Hollinrake and Associates Joseph Phelps, Jamison Klang, Jenn Hu, Ryan Brady and Kendall Fisher. Other members of Dorsey’s PORCH client service team include Partners Charlene M. Krogh, Michael Droke, Jamie N. Nafziger and Jennifer L. Spaith and Associates Aaron Goldstein and Ieva Aubin.
PORCH is currently rolling out its Porch App, an innovative mobile app available for iOS that gives homeowners direct access to a personal Porch Concierge to find the best professionals for their home. Headquartered in Seattle, Washington, PORCH owns and operates www.porch.com. PORCH’s partners include Lowe’s Home Improvement Centers and Realtor.com, the official site of the National Association of REALTORS.
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