Matterport is one of if not the largest proptech company in the world with a market cap of $500m, and has just raised $48m to fuel its aggressive growth campaign.
To date 1.6m assets have been scanned and photographed with Matterport cameras. A pricing sidestep to embed Matterport software in other camera manufacturer’s cheaper models, is designed to use affordability to dramatically accelerate and broaden market penetration.
James Morris-Manuel, EMEA director and UK managing director, explained: “What we’ve essentially done is we’ve given the 360° panorama cameras the ability to now become 3D. So, what that does for us as a business is it opens the doors and lowers the barriers to entry for customers to come into the ecosystem.”
He added: “Before, you had to buy a £3,000 camera to get into the Matterport environment. Now, you only have to buy a £300 camera and you can come into Matterport.”
The software can be downloaded to cameras such as the Ricoh Theta V and Insta360 ONE X and, on the new Cloud 3.0 plan launched in mid-March, capture one property for free. Matterport has also launched a £7.99/month tier where you can have five properties and then you go into pro tier at £39 for 100 spaces with 3 additional a month. One day Matterport hopes the 3D software will be usable on iPhones and other smartphones, drastically increasing its likely take-up.
Matterport’s three-step plan to reach 100m assets
- Cheaper camera
- International offices
- Market segments
Morris-Manuel continued: “Another way [we plan to grow] is geographic expansion. In the EMEA office, we focus on UK, France, Germany, Spain – those four. But we are obviously wanting to expand much more aggressively into Northern Europe, Austria, Switzerland. We do some work in Portugal, Italy – another big market. Italy is a great example in that they are in recession at the moment and property companies need to differentiate themselves. It’s almost a boom for Matterport in Italy, rather than a recession. It’s an interesting dynamic across Europe at the moment, geographically.”
The other way Matterport is strengthening its market outlook is “segment development”. Morris-Manuel added: “Traditionally, the majority of our business has been in residential real estate. We are doing much more in commercial. We are working in architecture, engineering, construction and moving into other segments and insurance, which is another big vertical for us. As we open the market into new segments and new verticals, that will also aid us getting to the 100 million scan number.”
The first weeks of the cheaper model have gone well, the company reported. “The launch of the cheaper camera model has gone really well, we can confirm the beta had 10x more sign ups then was predicted.”
Further product upgrades and new features are expected. “The software is constantly being updated, with major product enhancements and the ability to capture much larger spaces. There is also the opportunity to use an iPhone instead of an iPad to control the camera, and a new user interface for the backend software that was announced previously this year.”
Who would bet against Matterport reaching its 100m target in the next couple of years?