HomeX, a home services platform that connects homeowners with licensed contracts, has raised a $90 million round led by New Mountain Capital. Founded in 2017, HomeX radically improves home services by simplifying home maintenance and repair.
Dig Deeper: The startup also offers software for contractors that’s aimed at helping them drive and manage demand “more efficiently.” HomeX uses artificial intelligence to diagnose home issues virtually before a contractor goes out for the repair, with the goal of helping them resolve a problem faster.
Heard on the Street: Founder & CEO Michael Werner: “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.”
Brokers: Morgan Stanley 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. [PR]