Latch
- 🦄Became a unicorn2021
- 📈Peak valuation$1.5 Billion ’21
- 💔Became a Unitard2022
- 💸Last valuation~$27.9M
How it happened
Latch made internet-connected smart locks and building-management software for apartment buildings, and went public in January 2021 via a Tishman Speyer-sponsored SPAC at a $1.5B valuation. An accounting scandal then unraveled it: Latch said its 2021 and early-2022 financials could not be relied upon, restated results, drew an SEC investigation and fired its CFO. It was delisted from the Nasdaq in 2023 and rebranded as Door.com. Glassdoor reviews chronicled the unwinding from inside: employees described repeated layoff rounds that cut headcount by more than half, alongside constant strategy resets, heavy leadership churn, and engineering work increasingly moved abroad under new management.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: The Real Deal / Crain's / SPACGraveyard / Macrotrends (Tishman Speyer-backed smart-lock proptech; Jan 2021 SPAC merger at ~$1.5B, raised ~$450M from BlackRock/Fidelity/D1; restated 2021-22 financials amid SEC probe, CFO fired; delisted from Nasdaq 2023, OTC penny stock at ~$0.03B market cap vs $1.5B peak; rebranded Door.com)
