A tech company working to streamline home repairs and upgrades has raised a large round of funding.
HomeX, founded in 2017, announced Tuesday that it raised $90 million in a round led by New Mountain Capital, a private equity firm that manages more than $30 billion in assts.
HomeX, launched by CEO Michael Werner, Vincent Payen, Simon Weaver and Stephanie Werner Payen, has built a platform that simplifies home services, maintenance and repairs. The software serves as a marketplace for homeowners to find contractors, and provides both virtual and physical services. HomeX's Remote Assist app allows homeowners to receive a free virtual assessment from a home expert to diagnose a problem, and then connects users with a fully-accredited professional who can come to their home and fix it.
“Similar to how telemedicine has transformed the healthcare space, HomeX is using technology and service excellence to provide greater access, flexibility and connectivity to both homeowners and service providers," Werner said in a statement.
Prices for virtually-guided do-it-yourself appointments start at $20 for small tasks, like frozen pipes or replacing an HVAC filter, and range up to $50 for larger jobs, such as installing a new garbage disposal or replacing a faucet.
HomeX says it has hundreds of thousands of users and saw its Remote Assist app grow by 400% in less than a year. With people trying to do more remote interactions amid the pandemic, HomeX says it was able to quickly scale in 2020. HomeX employs 250 employees on the technology side of the business and 750 home repair experts.
