The story
2011–2013: Founding as a startup
Matterport was founded as a private startup in 2011 by Matthew Bell, David Gausebeck (known for the Gausebeck–Levchin test used in CAPTCHA technology) and Michael Beebe. The company was established after Bell and Gausebeck developed a prototype camera for capturing 3D images inside a room using the PrimeSense camera-on-a-chip, and later recruited Beebe for his expertise in 3D modeling and medical device design. In early 2012, the company joined the startup accelerator Y Combinator to incubate its project.
In April 2012, Matterport claimed that its prototype camera could scan 3D objects "20 times faster" than its competitors, and began collaborations with real estate and video game developers. By early 2013, the company had raised a total of US$5.6 million, including US$1.6 million in seed funding and a further US$4 million from 39 investors, in what was reported as a Series A round.
In July 2013, Matterport announced plans to release its first camera to the public. In November 2013, Bill Brown became the CEO of the company.
2014–2018: Early growth
Matterport launched its first camera, the Pro 3D, in March 2014. In June 2014, Matterport competed against 14 other early-stage real estate startups in Realogy's FWD Innovation Summit, a real estate technology competition, and emerged as the winner. Subsequently, the company raised US$16 million in a Series B funding round, in part to bring its 3D mapping technology to mobile devices.
In June 2015, Matterport raised US$30 million in a Series C funding round with the goal of diversifying beyond its camera products and enhancing its software for stitching images together in virtual reality. The company planned to use the funds to develop capture on mobile devices and expand its developer platform across its web and mobile apps.
On December 3, 2018, Matterport appointed R.J. Pittman, previously the chief product officer at eBay, as its CEO. Bill Brown, the former CEO, remained on the company board as an advisor.
2019–2021: COVID-19 pandemic and SPAC merger
In April 2020, due to the COVID-19 pandemic, Matterport laid off 90 employees, roughly one-third of its workforce.
On February 8, 2021, Matterport announced its intention to go public by merging with Gores Holdings VI, a special-purpose acquisition company (SPAC), in a US$2.9 billion deal. The merger closed in July 2021, and Matterport began publicly trading on the Nasdaq under the ticker MTTR.
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2022–2023: Post-merger
On January 5, 2022, Matterport completed the acquisition of Enview, a company specializing in artificial intelligence for 3D spatial data, for a total of US$37 million. In July 2022, Matterport acquired VHT Studios, a real estate marketing agency, for an undisclosed amount.
In July 2023, Matterport announced a restructuring that resulted in the layoff of 170 employees (about 30% of its workforce) as a cost-cutting measure. The company raised its subscription prices in the second half of 2023.
2024–present: Acquisition by CoStar
On April 22, 2024, it was announced that Matterport would be acquired by the CoStar Group in a cash and stock deal valued at approximately US$1.6 billion. CoStar, which had already been one of Matterport's largest clients, planned to use Matterport's 3D tours on its Homes.com residential portal.
In 2024, Matterport reported revenue of US$169.7 million, up 8% from the previous year, and 1.2 million subscribers. Its net loss of US$256.6 million for the year included about US$95 million in litigation costs.
The acquisition was completed on February 28, 2025, about a month ahead of the companies' expected schedule. In May 2025, Matterport announced a further subscription price increase, effective immediately for new customers and from each existing customer's next renewal on or after June 24, 2025.
On October 20, 2025, Zillow removed Matterport 3D tours from listings on Zillow and StreetEasy. Zillow said CoStar had declined to renew a Matterport API agreement and had changed its terms to restrict use of the tours on competing sites. CoStar disputed this, saying its licensing terms had not changed, that customers could share their tours anywhere including Zillow, and that the removal was Zillow's own decision. The dispute formed part of a wider rivalry between CoStar's Homes.com and Zillow. As of May 2026, the companies were still disagreeing over whether Zillow could display the tours.
From Wikipedia’s article on Matterport, shared under CC BY-SA 4.0.4