Spruce Secures $26M in Funding and Brings on New CEO to Lead Next Phase of Growth
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AUSTIN, Texas (PRWEB) July 19, 2022
Leading lifestyle service provider Spruce has secured $26M in Series B funding as part of its next phase of growth and is tapping seasoned technology executive Steven Pho as its new CEO. Pho has been a director on the Spruce board for nearly two years and will now bring his experience from leading companies like Favor Delivery and RetailMeNot to Spruce. Founder and current CEO Ben Johnson will assume the role of President.
Spruce's Series B round is led by Sweat Equity Partners, with participation from SoftBank Corp., Mercury Fund, Fitz Gate Ventures, Seamless Capital, Raven One Ventures, and New Age Ventures.
"Over the past six years, Spruce has helped to transform both the multifamily and the housekeeping industries and has experienced phenomenal growth in the process," said Spruce President Ben Johnson. "I am incredibly excited to work with Steven through our next phase of growth as we accelerate our pace with this new funding."
"For the past two years, I've been able to guide Spruce as a board member and am honored to continue to do that as CEO," said newly appointed Spruce CEO Steven Pho. "Ben's vision for Spruce ensured the company's incredible growth to date, as well as the outsized positive impact on local economies and small businesses Spruce partners with across the country. I am excited to continue to partner with him as he transitions to President of the company. "
Spruce has raised $40 million to date, inclusive of its Series A raise of $8M in November 2020 and prior venture rounds. Manish Narula of SoftBank Corp. will also be joining the Spruce board as an observer, providing insight for the company's expansion.
"We believe Spruce has established the right formula for working with local businesses, consumers, and rental properties alike," said Manish Narula of SoftBank Corp. "We are looking forward to Spruce's continued growth as it scales with this latest investment round."
This announcement comes on the heels of a year of banner growth for Spruce. In just the last few months, Spruce has announced three major new partnerships and added the Twin Cities metropolitan area and Jacksonville, FL to its growing roster of U.S. markets. Spruce also recently launched a new vertical: a full-service Short-Term Rental turnover solution. Spruce initially entered the Shorter-Term Rental market through its national partnership with RealPage and has expanded its offering to include customized turnovers, inventory management, and linen management.
In order to fulfill its expansion goals, Spruce also plans to hire heavily and will nearly double its headcount, with a focus on product, engineering, and sales. The company is fully-distributed, but will also be expanding its Austin headquarters in order to accommodate this latest influx of staff. If you are a curious, creative individual looking to make a meaningful impact in your next role, you can find Spruce's career page here: https://getspruce.com/careers/.
Spruce is the comprehensive provider of lifestyle services to the multifamily industry. The proptech company currently offers Housekeeping, Chores, Pet Care, and Laundry to residents at more than 2,300 select apartment communities throughout the country. Through the Spruce app, customers are able to quickly book services from certified, insured, and background-checked professionals. Spruce is focused on delivering the highest-quality services on-demand. Venture-backed and headquartered in Austin, the company has more than 80 employees and is growing rapidly. Follow us on Twitter and LinkedIn.
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