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Knock confirmed recently that it is considering going public, although CEO Sean Black did not specify whether the company would do so via a traditional IPO, SPAC merger or direct listing.
“We are considering all of our options,” Black told in an industry report. “We pioneered the real estate transaction revolution over five years ago and our priority is to build a war chest to dramatically widen the already cavernous gap between us and any unoriginal knock-offs.”
It was reported on Bloomberg that the company had hired Goldman Sachs to advise on such a bid, which Knock also confirmed.
According to Bloomberg, Knock is potentially seeking to raise $400 million to $500 million through an IPO, according to “people familiar with the matter,” at a valuation of about $2 billion. The company declined to comment on valuation.
Knock is headquartered in New York and San Francisco. The company launched the Home Swap in three markets in July 2020, and today it is in 27 markets in nine states, including Texas, California and North Carolina.
“Our original plan was to be in 21 markets by the end of 2021,” Black said. “At our current growth rate, we expect to end the year at 45 markets and be in 100 by 2023.”
Knock began 2021 with 100 employees and now has 150. Its plan is to have at least 400 employees by year’s end.
proptech Knock
