CHICAGO, IL and NEW YORK, NY — HomeX, a home services platform for homeowners and service providers, announced today the completion of a $90 million capital raise, led by New Mountain Capital, a leading growth oriented investment firm with over $30 billion in assets under management. Founded in 2017, HomeX delivers personalized physical and virtual solutions for homeowners, as well as software and services that enable contractors to drive and manage demand more efficiently.
HomeX is transforming the classic home services industry approach from "rolling a truck" to a customer's home, to identifying the right solution at the right time for a homeowner's problem through both virtual and physical services. The company's latest advancements in natural language processing, machine reasoning and knowledge engineering provide Artificial Intelligence-backed diagnosis of home issues, creating more transparency and efficiency for both customers and providers.
"Home services is a $500 billion market, but it remains highly fragmented and needs meaningful innovation. 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," said Michael Werner, Founder and CEO of HomeX. "This new partnership allows us to rapidly expand our offerings and reach new audiences, continuing to alleviate the headaches of homeownership, while helping contractors secure operational efficiencies and qualified appointments, not just leads."
Werner continued, "New Mountain was the right leading partner for us given its experience working with founder-owned businesses, deep knowledge of the home and commercial services end markets, and extensive track record of growing businesses through investments in technology and people."
With hundreds of thousands of users and existing clients supported by HomeX's platform, New Mountain's investment comes as the Company continues to accelerate its growth and expand its services across North America. Notably, HomeX Remote Assist, which virtually connects homeowners with HomeX's licensed technicians to diagnose and repair common home issues, has experienced more than 400% growth in less than a year.
"We are excited to support the growth of HomeX, a business that is primed to reshape the home and commercial services industry. The market is massive and the need for change and innovation is substantial — HomeX is at the forefront of this opportunity and we are eager to partner with the management team to help position the Company for continued success," said Harris Kealey, Managing Director at New Mountain Capital. "We constantly strive to build great businesses in carefully researched 'defensive growth' industries, and HomeX was the right choice as an early investment within our first partnership oriented, non-control investment fund."
Morgan Stanley & Co. LLC served as HomeX's placement agent for the transaction and Dentons served as legal advisor to HomeX. Ropes & Gray LLP served as legal advisor to New Mountain Capital.