Matterport: Cut a Third of Staff, Repaid PPP Loan

Category: real estate technology
Pandemic-layoff role: Deepest-cut ranking company
Last updated: 2026-09-29

Pandemic-role map

Reader shorthand: 3D-scanning company that laid off about a third of its staff and took a $4.3 million PPP loan in April 2020, repaid the loan in May, and then nearly doubled its revenue.
What Matterport did for customers: sold subscriptions to a platform that turns scans of buildings, taken with a range of devices, into "dimensionally accurate, photorealistic digital twins."
What changed in the pandemic: it cut staff in the first weeks of lockdown, then added subscribers for the rest of the year.
Relief role: PPP borrower from April to May 2020.

Before the pandemic

Matterport was a private, venture-backed company in 2019, with revenue of $46.0 million and a net loss of $32.0 million. R.J. Pittman was its chief executive when it went public.

What the pandemic changed

In April 2020 Matterport laid off about 90 employees, roughly a third of its workforce, according to a Silicon Valley Business Journal report that Inman summarized on April 16. Former employees announced the cuts on LinkedIn, and the company did not answer Inman's questions. Layoffs.fyi lists the cut at 90 people, 34%, across the San Francisco Bay Area, Chicago and London. Matterport's own later disclosure is shorter: "we implemented a reduction in force and furloughed employees in 2020."

The same month Matterport signed a Paycheck Protection Program note for $4.3 million, a two-year loan at 1.0%. It repaid the note in full in May 2020, $4.4 million including interest, according to the financial statements in its 2021 merger prospectus. No Matterport loan appears in SBA's public PPP loan data.

The pandemic year

Total revenue rose 87% in 2020, to $85.9 million from $46.0 million, with growth in every revenue stream. Subscription revenue rose 69% to $41.5 million, about half of the increase from new subscribers and half from existing customers buying more. The net loss narrowed to $14.0 million from $32.0 million. The company ended 2020 with 221 full-time employees. Revenue in the first quarter of 2021 was $26.9 million, up 108% from a year earlier.

After the first shock

Matterport went public on July 22, 2021 by merging with Gores Holdings VI, a blank-check company. Revenue kept rising, to $111.2 million in 2021, $136.1 million in 2022, $157.7 million in 2023 and $169.7 million in 2024. So did the losses: $338.1 million in 2021, $111.3 million in 2022, $199.1 million in 2023 and $256.6 million in 2024. At the end of 2024 it had 455 full-time employees, about 14.1 million spaces under management and about 76,000 paid subscribers, against more than a million on free plans.

Where the company is now

CoStar Group completed its acquisition of Matterport on February 28, 2025. Each Matterport share became $2.75 in cash plus 0.03552 of a CoStar share; in total CoStar paid $900,971,487 in cash and about 11,637,141 of its shares. Matterport's stock left the Nasdaq Global Market, and the company is now a CoStar subsidiary.

Matterport Profile: Pandemic Layoffs, Business Model, and Current Status