Latch (Door.com)

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.