Latch (Door.com) Pitch Deck

Latch (now known as Door.com) is a company that provides keyless security systems for people living in apartment-style buildings. It was founded by Brian Jones, Luke Schoenfelder, and Thomas Meyerhoffer.

The 200-employee company was valued at $454M in 2019, before going public in 2021 through a SPAC listing that raised $453M and valued the company at over $1.5B. As part of the SPAC deal, Latch received ~$510M in cash, including $190M from investors such as Chamath Palihapitiya, BlackRock, D1 Capital and Fidelity.

After going public, Latch has been mired in controversy and was delisted in August. The stock crashed 80% from its highs after missing revenue projections (reporting a $166M loss), multiple rounds of layoffs, and audits following alleged manipulating of bookings. The CEO was forced out in January 2023 and replaced with former Ring founder & CEO, Jamie Siminoff, who sold the smart doorbell company to Amazon for billions.

$1.5B • 2021 • SPAC