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There ’s seemingly a great deal of need for an on - demand handyperson .
Khosla Ventures and Pear VC have just treble down on their investment inHoney Homes , which offers up a dedicated handyman to take care of all the random tasks on a householder ’s to - do list . The companyraised $ 9 million last June in a Series A round of financial backing .
earned run average Ventures led the inauguration ’s latest raise , a $ 9.25 million extension financing that CEO and co - founder Vishwas Prabhakara report as “ an up round . ” ( PitchBook has its rating nail at $ 39 million as of last June , although the company said that is “ not accurate . ” ) In total , since inception , Honey Homes has raised $ 21.35 million in venture funding .
So what drove the latest capital infusion ? A rush in fellow member adoption . The caller last fall announced it haddoubled its appendage counting in a three - month periodto “ well over 1,000 member . ” It also increased annual fall back gross by 3.6x in 2023 . While the troupe declined to share punishing tax revenue figures , Prabhakara allege the company expects to “ do the same and get to eight figures in ARR ” in 2024 . ( manifestly , eight physique is $ 10 million . )
“ Our team has been visiting over 150 homes a day , ” he added .
Husband and wife team Vishwas Prabhakara ( Yelp ’s first general manager ) and Avantika Prabhakara ( a former marketing top dog at Opendoor , Trulia and Zillow ) team up with Katie Pham and Rory O’Connell to start Honey Homes in 2021 . The inauguration , which launched in August of that year with its first 10 beta customer , hires the handyman as part of its staff . The handyman works as a salaried employee to help ensure consistence in who ’s taking care of the piece of work in a person ’s home .
Homeowners devote Honey Homes a flat fee for the toilet facility of a membership - establish “ remnant - to - end ” service using its app . That fee ranges from $ 250 to $ 395 a calendar month , based on fix , although there are annual plans that put up a rebate .
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The style it work is that members are matched with a consecrate handyperson who comes by at least once a month to take care of family improvement and preventative alimony . Because the employees are salaried , they also get benefits , admit parental leave and make up time off , a peculiarity in an industry that has historically relied on contractors . However , if a person wants to assay out unlike contractors for variety , they have that option as well .
Honey Homes is currently useable to single - family homeowners in the San Francisco Bay Area ( include the city proper ) as well as in much of the Dallas - Fort Worth sphere . It lately launched in Los Angeles and is expanding there as well , with plans to also expand more in Texas .
“ We ’re covering about 5x more homes in our military service area than we were a yr ago , ” Vishwas Prabhakara state .
Honey Homes only launched in San Francisco sooner this year , but now that marketplace represents its fastest - produce , according to Vishwas Prabhakara .
“ The city is a dissimilar beast [ than the suburb ] , ” he tell . “ There ’s parking doubt , there ’s offense enquiry , there ’s a circumstances to consider . But now it is in reality like our cap gem , our best - arise mart . ”
The inauguration is also adding young features , such as AI that aims to streamline work flow for its handyperson squad and put more of the “ maintenance need on autopilot . ”
Interestingly , DoorDash co - father Evan Moore sit on Honey Homes ’ board and another DoorDash veteran , Andrew Ladd , was knock last year to drive Honey Homes ’ product developing .
Moore told TechCrunch last yr that he believe that Honey Homes differ from many other consumer startup in the home services space that simply equalise homeowners with possible vendors or “ dish out as a concierge . ” Competitors include Angi , TaskRabbit andThumbtack , among others .
The company settle to raise an extension rather than a Series B , according to Vishwas Prabhakara , after it determine it want less uppercase to get to profitability than previously wait . ( It ’s aiming to be profitable in the next couple of eld . ) Besides making money through its membership , the intermediate homeowner spends over $ 750 a yr through extra services through the service , such as buying parts , for model .
Presently , Honey Homes has 75 employee and has doubled its handyperson team from 25 to over 50 .
Era Ventures ’ Clelia Peters said she was puff to invest in Honey Homes because “ high - quality home criminal maintenance service provide by a consecrated handyperson have typically only been uncommitted to the moneyed homeowners or to those in condos and apartments with on - site supers . ”
She believes that the need for Honey Homes ’ offering will be even greater in a mankind where homeowner stay in and need to maintain their homes for longer full stop ( because of the curl - in effect created by the spike in interest rates ) . ”
“ Additionally , we previse that the push towards home electrification will create a greater demand for reliable advice and installation service , which Honey Homes is well - positioned to offer , ” she add together .
