HomeX, a home services platform for homeowners and service providers, has announced the completion of a $90 million capital raise, led by New Mountain Capital, a growth oriented investment firm with over $30 billion in assets under management.
Founded in 2017, HomeX aims to improve home services by simplifying home maintenance and repair. The Company delivers personalized physical and virtual solutions for homeowners, as well as software and services that enable contractors to drive and manage demand.
“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.”
Mr. 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.”
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.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.