Humming Homes Raises $8.1M To Take On Home Services Market With Recent $5.6M Seed Round Led By Greycroft
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Technology-enabled home management platform transforms how homeowners care for and proactively maintain their homes
NEW YORK--(BUSINESS WIRE)-- Humming Homes, a technology-enabled home management solution targeting single-family households in suburban markets, today announced it has closed a $5.6M Seed raise led by Greycroft with participation from AlleyCorp, Thrive Capital, Sound Ventures, New Valley Ventures, and prominent angel investor, Abby Miller Levy.
Humming Homes, founded by Adeel Mallick, CEO, Kyle Carnes, Head of Operations, and serial technology entrepreneur Kevin Ryan, Chairman of the Board, is on a mission to make homeownership easier and more enjoyable. Poised to become the country’s most trusted home services partner, it has built an end-to-end management solution powered by software for single-family homeowners. With a digital-first experience, dedicated in-person home management teams offering a single point of contact, 24/7 live support, and data and insights to avoid reactive & expensive home maintenance issues, the system is designed to overhaul what it means to own and maintain a home.
The funding will fuel Humming Homes’ continued growth as they look to expand beyond their initial markets in the Northeast and provide a modern alternative to incumbents in the home services space.
“Experienced homeowners know that managing a house is like having a second job. Homes need constant maintenance, ranging from landscaping all the way through seasonal cleaning of HVAC, chimneys, windows, and siding. Homeowners keep a long list of contractors and vendors, and you never know if your pricing is fair,” said Ian Sigalow, Co-Founder and Partner at Greycroft who will join the Board. "Humming Homes solves the problem of how difficult it is for most people to manage their most valuable asset - their home."
According to The National Association of Realtors, 40% of all single-family, owner-occupied home purchases between 2020 and 2021 were by people under the age of 40. The exodus of residents leaving dense urban centers like New York and San Francisco in search of more space shows no signs of stopping.
“We have the youngest consumer, the most tech-savvy, and, from a generational standpoint, the least equipped to manage a home in terms of available time and experience. Today’s first-time homeowners have limited resources to help them through the transition from renting to owning,” said Adeel Mallick, Humming Homes’ CEO. “Even more important, 68% of all U.S. households are now dual-income, meaning it's very likely that the burden of managing all aspects of home maintenance and improvement falls unequally across already-stretched homeowners.”
Even though, according to a recent study by Angi, the home services market represents over $500B in consumer spend, there hasn’t yet been a category winner. Humming Homes is focused on offering a homeowner-first solution with an initial target customer base of the “mass-affluent” - single family homes valued greater than $750K and located in dense, desirable home markets such as The Hamptons, Greenwich, Westchester, Miami, Fort Lauderdale, Greater Los Angeles, Scottsdale, and Texas (Austin, Houston, etc.).
“This is a huge opportunity - the average U.S. homeowner spends 1% - 2% of their home’s value on maintenance and improvement annually,” continued Mr. Mallick. “Our target demographic, which represents just 10% of all homes in the U.S., spends close to 50% of the entire home services market. Homes are inherently complex and the next generation of homeowners needs more than just a band-aid fix or set of inherited vendors to help - and that’s where we want to upend the status quo.” Humming Homes has grown rapidly since launching services in October 2020; it now operates in markets across the tri-state area, including The Hamptons (NY), Westchester (NY), and Greenwich (CT), managing $500M in home value.
They also recently inked a strategic partnership with Douglas Elliman (“DE”) for additional access to distribution during the homebuying process, facilitated by an investment from their venture arm, New Valley Ventures. Humming Homes will be working with DE to launch in additional tri-state markets in the coming months as well as the South Florida region including Miami, Palm Beach, and Fort Lauderdale, later in 2021.
Humming Homes was founded in early 2020 and incubated with AlleyCorp, a venture capital firm & studio run by Kevin Ryan (previously raised $2.5M). The latest funding brings total capital raised to $8.1 million. The company’s founding team has backgrounds in real estate, on-demand marketplaces, and technology-enabled services.
About Humming Homes
Humming Homes is reimagining home management for the modern homeowner. Poised to become one of the world’s most trusted home operators, the company is creating a new category of end-to-end home management, employing data and insights to avoid reactive and expensive home maintenance issues. It has built a tech-enabled solution for single-family homeowners with a digital-first experience, offering a dedicated in-person home management team with a single point of contact for 24/7 support. For more information on Humming Homes, please visit www.humminghomes.com.
Charlie Mathon, Derris
Source: Humming Homes
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