Matterport- $GHVI

Allows customers to produce, store, and distribute 3D virtual property tours and 360-degree models

Transforming the $230T global building stock that remains largely offline into valuable data that can provide property insights and analytics

// THREAD
Total Addressable Market-

Real estate is the largest asset class in America

There are 4 billion buildings globally and over 20 billion spaces

At a conservative $1 per space per month, the opportunity could surpass a $240B total addressable market
The Opportunity-

The “digitization of real estate assets"

They're in the business of turning offline physical space into online digital space

This may just look like a virtual tour or 3D camera company, but this is about turning physical space ➡️ data

Use Cases (1)-

1) Realtors and homeowners- could be used on every one of their Redfin, Zillow, Airbnb, and Opendoor listings

2) Building restoration companies- remote design and building walkthroughs
Use Cases (2)-

3) Architects, engineers & contractors- more accurate data on existing buildings & facilities, reducing virtual design & construction time/costs

4) Interior designers- model in real virtual space

5) Lenders- automatic, virtual property appraisals
Use Cases (3)-

6) Rental property managers- log property condition before/after renters

7) Insurance companies- complete automation of property insurance claims

8) Artist galleries, museums, and wedding venues- promoting their spaces and creating immersive virtual experiences
Market Breakdown-

Matterport's delivers value to a diverse variety of markets

Their current market breakdown- Residential (15%) + Commercial (includes retail) (45%) + Industrial (40%)
Secular Tailwinds-

Matterport saw a 157% increase in models created within the first three months of the pandemic

Redfin saw requests for agent-led virtual tours rise 494%at the beginning of March

Redfin even realized a 303% increase in engagement with virtual walkthroughs
Customer Base-

Matterport has 250K+ customers across 150+ countries, 13% of which are in the Fortune 1000, and a low customer concentration
Competition-

Matterport is also crushing its competition and already has a $100M revenue run-rate

Have captured 10B square feet in space already

And achieved 18x subscriber growth since 2018

They currently have the rest of the market beat by 100x in spaces under management
Valuation-

They're trading at a lofty valuation of 90x+ sales

But revenue is estimated to nearly quadruple through 2023, while gross margins are estimated to increase 20%+ during that same time

If projections are relatively accurate, Matterport could see profitability by 2024
Moat-

Their unrivaled spatial data library

They have over 4.4M spaces under management

Captured over 10 billion square feet and3 billion 3D data points already

Hold 64 patents
Future Growth (1)-

The digitization of real estate assets is just getting started, and Matterport is already the industry leader

They are projecting $747 million in revenue and 73% gross margin by 2025, up from an estimated $86 million in revenue and 56% gross margin in 2020
Future Growth (2)-

The following will allow Matterport to continue growing at a rapid pace-

1) Accelerating SaaS subscriber growth

2) Expanding their use cases and introducing new industry applications

3) international expansion

4) 3rd party application marketplace

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More from @BackpackerFI

22 Feb
Real estate is the largest asset class in America

At $33.6T, it’s nearly as large as the GDP of the two largest global economies combined

Over $1.5T of residential real estate changes hands each year

Let's compare the big three real estate disruptors

$RDFN $Z $OPEN

// THREAD
Over the next ten years, these three companies will reinvent the process of buying, selling, and financing residential real estate

The market is highly fragmented with 2M real estate agents and has been relatively undisrupted by digital transformation so far
1) Zillow $Z

- A real-estate media tech giant, founded in 2004

- The largest of the three by market cap by far

- Think of Zillow as the “Google” of online real estate search, making most of their revenue selling ad space and leads to realtors and property management companies
Read 18 tweets
18 Feb
Current Stock Portfolio (in order of position size)-

*BTC not included here (~10% of net worth)

1. $TSLA
2. $NVDA
3. $TDOC
4. $SHOP
5. $SQ
6. $PINS
7. $RDFN
8. $EXAS
9. $CRWD
10. $SE
11. $TWLO
12. $SPOT
13. $ETSY
14. $LMND
15. $APPS
16. $ABNB
17. $DMTK
18. $FVRR
19. $TTD
20. $MELI
21. $PLTR
22. $ROKU
23. $AMZN
24. $AAPL
25. $PENN
26. $DKNG
27. $GRWG
28. $VRM
29. $ENPH
30. $GHVI
30. $GDRX
31. $ADBE
32. $PTON
33. $NVTA
34. $RNG
35. $OPEN
36. $IIPR
37. $NVTA
38. $FTHM
39. $DOCU
40. $PRCH
41. $UPST
42. $CRSP
43. $TWST
44. $AFRM
Read 5 tweets

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