One benefit of our constant attention to the world of local is our discovery of new and innovative businesses. And then writing about them for Localogy. This certainly holds true for the news that a company called Super has garnered a new round of growth capital of $50 million.
Over the years, we’ve heard about concierge services for all sorts of activities. Some were B2B and other B2C. What Super has cooking is a concierge SaaS service for the homeowner. The video on the company’s website does a good job of explaining the service. As an entire generation of new tech-forward homeowners come online, Super might be coming to market at just the right time.
The San Francisco-based “insurtech” company has now raised over $90 million. It seems to have thought through the challenges of homeownership and married those challenges with the benefits of a subscription service. The company offers three tiers of levels of subscription – ranging from $64 per month to $119 per month. But that was for a house in the Washington D.C. area with less than 5,000 square feet. The company is using machine learning and a proprietary data set to determine what the various tiers are based on location and size.
A Notabable List of Backers
According to the company, the new round of funding will be used to enter new markets, hire additional people and extend their partnerships. The new money will also be used to enhance their use of AI and machine learning for their pricing algorithm. Super is currently operating in some fast-growing housing markets including Austin, Chicago, Dallas, Houston, Phoenix, San Antonio, and Washington, D.C. Since April 2019, the company has grown its revenue 7X.
We note with interest some of the backers include interesting names such as Wells Fargo Strategic Capital (Wells Fargo being big in the home mortgage business) AAA – Auto Club Group (which also sells homeowner’s insurance), Second Century Ventures (the investment fund of the National Association of Realtors), Liberty Mutual Strategic Ventures (insurance).
The company’s founder – Jorey Ramer – previously started Jumptap, a company that was part of the local media ecosystem. Jumptasp and was acquired by Millenial Media. which was part of Verizon’s media business. And of course, Verizon is now unloading the Media business.
In an interview, Ramer said this. “I liked being a renter, you pay a fee, and you know what to expect.” Of course Super is a reference to the superintendents who handle maintenance and repairs in apartment buildings. You might remember this Joe Pesci movie.
A Super Marketplace
Like others in the SaaS world, Super has created a marketplace: The local service providers that Super turns to do the maintenance and repairs and can use the platform for free. And Super handles the compensation as well. Since the consumer is paying a monthly fee, they don’t pay by the repair. The consumer uses an app to report issues, call out maintenance people, and give service providers more detail about the specific situation. You know, the toilet’s backed up. Or the stove won’t light. Or, worst of all, the ice maker is on the fritz.
As we noted, AAA is an investor in the company. And as Ramer says Super is like “roadside assistance for your home.”
Wells Fargo’s interest in the company is also logical. Matthew Raubacher, managing director for WFSC’s Principal Technology Investments Group, said this in a statement. “Wells Fargo embraces innovation, and we’re excited to support a tech-forward platform like Super which brings further advancement to the home services market. The challenges of ongoing repairs and maintenance resonate with every homeowner. And Super provides an experience that is convenient for the customer while boosting job visibility for local contractors and businesses. We look forward to seeing them continue to widen their geographic footprint and expand their product offering.”
Maybe the company will turn to Joe Pesci as its spokesperson. How cool would that be? Even without turning to Pesci, the company seems to be focused on the right things. It’s a potentially compelling fit for these times.