ServiceWhale, the first online marketplace with instant firm prices on big-ticket home improvement projects, brings funding total to $3.8M
ServiceWhale’s online home improvement marketplace powered by its patent-pending instant quoting technology has seen 20% month-over-month growth for 14 consecutive months
Philadelphia, March 2017– ServiceWhale, the first online marketplace where homeowners can get real, custom quotes on major home services instantly, without the need for onsite visits from contractors, has seen steady growth over the past 14 months. The company has proven that transparency of pricing when shopping for big ticket home improvements such as heating and cooling system installations and roof replacements, among other services, is well needed and readily accepted by both consumers and local service professionals.
ServiceWhale’s marketplace revenue has grown by 20% every month since January 2016 and has now reached a $6.3 million gross revenue run rate. As a result, the company has secured another round of funding, bringing the total amount of capital raised to $3.8 million. This additional funding will allow expanding the sales team and scaling up the marketplace operations into new markets throughout the U.S.
Most companies that operate marketplaces in the home services space focus on basic lead generation, where a homeowner provides their basic contact information, which is then sold to multiple local area contractors who then call the homeowner to compete for the business. ServiceWhale provides a fresh take on the process of shopping for home improvement projects by providing accurate customized quotes in real time, creating an experience similar to traditional online shopping for consumer products
A common misconception is that accurate pricing can not be delivered remotely for larger projects like bathroom remodeling or HVAC replacements. However, by working closely with the community of domain experts, ServiceWhale has uncovered specific information that needs to be collected for each service in order to generate an accurate price online. Contractors preload their individual pricing policy for each service they offer when signing up for ServiceWhale, and then can generate thousands of quotes automatically without ever leaving their office. This process is designed to greatly improve the overall efficiencies when shopping for or selling home services.
ServiceWhale also offers a white label version of its quoting technology, branded MyServiceWhale, which the company licenses to both the individual contractors and the corporate partners, which include one of the home improvement industry leaders the United States (a separate joint press release coming soon). This non-competitive model is available for license for a monthly fee and is implemented directly into the client’s own native website. ServiceWhale’s clients have seen conversion rate increases of over 40% and ROI of up to 1800% by having the ability to quote projects automatically from their websites for homeowners who are interested in purchasing projects from them.
ServiceWhale is an online marketplace designed specifically for homeowners to purchase complex, big-ticket home improvement projects with ease. Its services connect homeowners and contractors by providing on demand quotes and pricing comparisons. ServiceWhale was founded as a result of frustrating experiences in finding, comparing, and buying local improvement services online. The unique upfront pricing model invented by the ServiceWhale team is currently patent-pending in the U.S. Having raised $3.8 million to date, ServiceWhale is expanding its services and market reach, already executing projects in Philadelphia and New York Metro areas.