Super raises $50M to cover home repairs and maintenance: The real estate sales market has boomed this year, and today a startup that is addressing one of the biggest needs of homeowners – repair and maintenance services, and especially how to solve these when things break down Stress – announcing some funding. Heel of strong growth.
Super – which has built a business providing repair and maintenance for electrical and mechanical systems, appliances and plumbing through a monthly subscription – has closed a $ 50 million development round.
The startup plans to expand into new markets, hire more people and use the funds to add more maintenance/repair services and partnerships to its comprehensive home-warranty-by-subscription offer.
CEO Jore Ramer, who co-founded the company with Ryan Donnelly (VP of Engineering), also said that another portion of the investment will be used to enhance AI technology that reduces Super’s service and pricing plans Does. More on that below.
The San Francisco-based company is currently active in some of the fastest growing housing markets in the US, Austin, Chicago, Dallas, Houston, Phoenix, San Antonio and Washington, DC (ironically, not just in SF), and this is April. Revenue has increased 7-fold since 2019, when it first raised money, a $ 20 million Series B. It is not disclosing the actual revenue number, nor the user number.
This latest Series C features several strategic advocates that speak to the large ecosystem of financial and insurance services that interconnect with each other, and which are used by the average person during home ownership. (In fact, Super these days refers to themselves as “Insuretech”.)
Led by Wells Fargo Strategic Capital, the banking giant’s venture arm, others in the round included homebuilding giant Asahi Kasi, AAA – Auto Club Group (which also sells insurance), Gingels and Reich. The last of these is a scale-up service of Second Century Ventures, an investment fund of the National Association of Realtors. The HSB funds of Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Modern Ventures and Munich Re Ventures – which had invested in Super’s previous $ 20 million round back in April 2019 – also participated.
The company has now raised $ 80 million in total, and is not disclosing its valuation.
As we’ve mentioned before, Ramer came up with the idea for Super when he sold his previous startup, JumpTap – an advertising network acquired by Millennial Media (which is now part of Verizon through its acquisition) in San Francisco. gone. AOL, like ClearTips). He had been an apartment renter for his entire adult life, but when he moved to the Bay Area, he found himself buying property, and this came with little reluctance due to the headache of taking care of his new home.
“I loved being a tenant,” he said in an interview. “You pay a fee, and you know what to expect.” (“Super” is a reference to the superintendent who handles maintenance and repair in an apartment building, and Super expects what customers will think of its service.)
Interestingly, the path that Ramer decided to adopt to fill that gap is not unlike the challenges JumpTap faced in the world of advertising technology: trying to build a service business from the ground up. Instead, he opted to build an integrated network that tapped into many small service enterprises already working in the business of maintaining homes. (The correlation here is that, rather than creating first-party giants, the approach is to weave multiple online assets together so that people looking for advertising can do so in multiple locations in the network).
Super has created a kind of marketplace: the services businesses and individuals engage in to do super maintenance and repair are all licensed and use its platform for free, compulsory, and based on super call-outs But handles remuneration. For users, call-outs come as part of their monthly plans, and they include different options depending on what level of service they pay for.
The funding that is being announced today will be used to enhance the way those monthly plans work.
Not only are there algorithms that Super has built to determine the price of its services based on location, home size, and other factors; But the app has features that customers can use to interact with Super to report issues, call maintenance people and provide more details about problems, and in some cases, issues Automatic decision.
Improved technology for more responsive home services has been an interesting area of the market, but one that has largely been ignored so far, but as they have matured, AR and other computer vision successes have certainly led to that. Has helped to advance the game. (And many others are also tapping into it, including Hover, Nana, Jobber, and more.)
The way the service is built on a larger scale – working with contractors means it’s easier to add more types of coverage than above ground – it also means more services in the mix with super time Can add
“The things we will do are the things your super will do,” Ramer said. “So that includes fixing the plumbing, but it can also potentially include cleaning carpets, which you might think of as maintenance. Painting is another interesting area. It seems like it could be a cosmetic thing. Is, but if you don’t paint, you risk dry rot. It’s preventive care as well. So if we say, cover 100% maintenance, then you can imagine that too. ”
An area where it is unlikely to move is common contract work, such as renovating a bathroom or kitchen, or adding a new room to your scaffolding: it seems that the focus will be on the inevitability of making your home work.
But in addition to expanding the services directly to its platform, there are potential opportunities as to how Super can work with partners. For example, AAA has a notable business not only in roadside assistance but also in insurance coverage. Ramer describes Super as “roadside assistance to your home” and he points out that this is a natural partnership to sell with each other.
Similarly, Wells Fargo, as a mortgage lender, is a natural complement, offering its customers a route to help them retain the assets they are in the process of paying to the bank. This in turn also becomes a kind of insurance policy for the bank, as it keeps the houses in which it is financing.
Matthew Wells, managing director of WFSC’s Principal Technology Investment Group, said in a statement, “Wells Fargo adopts innovation, and we are excited to support technology-forward platforms such as Super that bring further growth to the home services market is.” “Ongoing repair and maintenance challenges resonate with every homeowner, and SUPER provides an experience that is convenient for the customer while increasing job visibility for local contractors and businesses. We look forward to seeing that they will continue to expand their geographic footprint and expand their product offering. “