HomeX nabs $90M to connect homeowners and repair techs

Startup led by former eBay and Amazon execs

National /
Apr.April 13, 2021 03:10 PM
HomeX founders Michael Lerner and Vincent Payen (HomeX)

HomeX founders Michael Werner and Vincent Payen (HomeX)

The burgeoning market for home-maintenance technology has crowned another winner.

HomeX, a startup that connects homeowners with licensed technicians, raised $90 million after demand for its remote service tool surged 400 percent over the last 12 months, the firm announced. New Mountain Capital, a New York investment firm with $30 billion in assets, led the round.

Michael Werner, whose family started Werner Ladders, and Vincent Payen, a longtime eBay executive co-founded the startup in Chicago in 2017. CTO Simon Weaver previously worked at Evi, an AI startup that focused on natural-language communication. It was acquired in 2012 by Amazon as the foundation for Alexa.

HomeX’s software connects owners with licensed service technicians. The company uses AI to diagnose problems before techs go out in the field to speed up repairs and ensure contractors have the right parts and tools. For contractors, it generates qualified leads and its software automates booking and simplifies operations.

The software can facilitate virtual or in-person services. Its tool — “Remote Assist” — allows techs to diagnose problems via phone, video or chat.

HomeX is not yet profitable, but claims it served “hundreds of thousands” of clients in the last 12 months, according to TechCrunch. Prior to the current round, HomeX was self funded and raised more than $50 million in debt funding.

In a statement, New Mountain’s Harris Keley said the home services industry is “massive and the need for change and innovation is substantial.”

Last month, ServiceTitan, a startup that sells software for heating and cooling technicians, raised $500 million. The round, led by Sequoia’s Global Equities fund and Tiger Global Management, valued the company at $8.3 billion.

And last year, home-services startup Porch.com went public through a $523 million merger with a blank-check company. Porch recently disclosed that it cut its losses in half last year. Net losses were $51.6 million in 2020, down from $103.3 million in 2019.

Thumbtack, a home-improvement marketplace, has raised $424 million since 2007. In December, it acquired VC-backed Setter, a home management startup.





    Related Articles

    arrow_forward_ios
    Judith Nathan, Rudy Giuliani and 353 Lopers Path in Water Mill (Getty, Google Maps)
    Rudy Giuliani’s ex-wife sells Hampton home for $5M
    Rudy Giuliani’s ex-wife sells Hampton home for $5M
    Of the 110 metro areas with at least half a million people, 29 saw losses in 2020. (iStock)
    More urban areas lost population in 2020
    More urban areas lost population in 2020
    Analyzing Manhattan Housing Market Reports
    Untangling Manhattan’s myriad market reports
    Untangling Manhattan’s myriad market reports
    (Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
    Renters prepare for eviction crisis as aid is held up
    Renters prepare for eviction crisis as aid is held up
    40 Meadow Lane, Nir Meir and Robert Kraft (Google Maps, HFZ, Getty)
    Patriots owner Robert Kraft buys Nir Meir’s Hamptons home for $43M
    Patriots owner Robert Kraft buys Nir Meir’s Hamptons home for $43M
    Lisa and Todd Sheppard with Compass CEO Robert Reffkin (Team Shep, Getty)
    Compass hit with another lawsuit from former agents
    Compass hit with another lawsuit from former agents
    168 Plymouth Street (Alloy)
    Brooklyn nets $125M in signed luxury contracts
    Brooklyn nets $125M in signed luxury contracts
    150 East 78th Street and 30 Park Place (150east78th, Thirty Park Place)
    More Manhattan luxury contracts have been signed in 2021 than in all of 2020
    More Manhattan luxury contracts have been signed in 2021 than in all of 2020
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...