Super, a home maintenance subscription service startup, announced Wednesday (April 17) it has raised $20 million in venture funding.
In a press release, Super said the Series B round of funding was led by Aquiline Technology Growth (ATG), an early- and growth-stage fund managed by Aquiline Capital Partners. Other participating investors include Munich Re Ventures, Liberty Mutual Strategic Ventures, Moderne Ventures, 8VC, QIA and Solon Mack Capital. Munich Re Ventures led the startup's Series A round of funding.
Proceeds from the fundraising are expected to be used to enter new markets, increase its staff and develop its technology. Super has raised $30 million to date since launching in 2015. The company's home maintenance subscription service is currently available in Austin, Chicago, Dallas, Houston, Phoenix, San Antonio and the Washington, D.C. metro area.
"Super has developed an effective, convenient platform to provide premium care and repair services for homeowners," said Max Chee of ATG in the press release. "Super is tackling an industry that is ripe for innovation with a smart, technology-forward approach, and we are excited to work with Jorey (Ramer) and the rest of the team at Super to help continue that exciting trajectory."
Super is aiming to address a problem plaguing scores of homeowners. Pointing to a recent Bankrate survey, the company said many homeowners regret their home purchases largely because they didn't realize the maintenance or hidden costs that would be associated with it.
Super is trying to overhaul the home warranty market by utilizing technology and taking a customer-centric approach. Through its app, homeowners can get appliances fixed and order concierge services to manage the logistics of many home service needs. The company also offers a maintenance schedule to prevent major repairs and will handle home upkeep for the customer.
"After purchasing my first home, it struck me that homeownership itself is a lot more stressful due to the lack of insight and visibility into unforeseen home-related expenses," said Jorey Ramer, CEO and founder of Super, in the same press release. "Our vision is to help homeowners own like a renter, by ensuring more of the risks associated with owning a home."