New investment will accelerate deployment of proprietary technology and geographic expansion to serve homeowners with lifecycle services
PunchListUSA, the first real estate platform to digitize home inspection data for instant estimates and online ordering of home repair services, today announced it has secured $39 million in investments led by Sweetwater Private Equity and Morpheus Ventures. Additional investors include Home Depot Ventures, Second Century Ventures, Palm Drive Capital, the Bielsky Family Office, IDEA Fund Partners, Meeting Street Capital, Solo Capital Management, VentureSouth, and a significant real estate operator and investor.
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“We are building our team and technology to break down barriers. Our singular mission is to make homeownership more accessible and sustainable for the 220M owners in the U.S. This sizable, oversubscribed investment to accelerate our growth is an incredible vote of confidence in our ability to execute relentlessly, even in times of economic uncertainty,” said Min Alexander, Co-Founder and Chief Executive Officer of PunchListUSA. “We are privileged to be partnering with industry-leading investors —a strong combination of growth capital and strategic funding– to launch the next phase of our journey to serve homeowners.”
PunchListUSA currently operates in 14 major U.S. cities, employing nearly 100 full-time employees with plans to expand to over 30 markets through 2023. The company is headquartered in Charleston, SC with new offices opening in Newport Beach, CA and Dallas, TX this year.
“We have been tracking the progress of PunchListUSA and are confident that this leadership team is creating the future of home repair and renovation services,” says Gregg Parise, Managing Partner of Sweetwater Private Equity. “We are proud to guide and accelerate their continued growth through our experience scaling data-focused technologies with our expansive network of resources for our portfolio companies. We are very excited for the future.”
PunchListUSA has gained traction diversifying its core retail and new institutional business lines. PunchListUSA currently supports over 150 national and regional broker partners and, since the third quarter of 2021, has added 25 new institutional partners including iBuyers, single-family rental property operators, and portfolio investors for renovation and maintenance services. In addition, PunchListUSA continues to build partnerships with inspection providers to increase the quality and accuracy of repair estimates for homebuyers. PunchListUSA currently holds a five-year exclusive agreement with Pillar To Post, the largest home inspection services provider in North America, to provide customers instant repair estimates powered by PunchListUSA’s proprietary pricing technology.
“We look to partner with strong entrepreneurs who can build high performing teams to make a lasting impact in traditionally analog industries,” says Joseph Miller, Managing Partner of Morpheus Ventures. “Min and her team are solving a difficult problem in a highly fragmented market through technology. We are proud to add PunchListUSA to our portfolio of innovative companies.”
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Over the past year, PunchListUSA has successfully recruited top industry talent in technology and real estate marketplaces, including Mark Kearns, formerly CFO of Selene Finance LP; Paul Dorney, formerly Co-Founder and CTO of Silbo Technologies; Lora Helt, formerly Head of Sales at Altisource Portfolio Solutions; and James Harp, formerly SVP of Operations at Auction.com. PunchListUSA plans to hire additional full time employees for technology, data science, field operations and customer care roles by the end of the year.
“PunchListUSA joined our portfolio as a member of the REACH 2020 scale-up program and has celebrated multiple milestones in that time. We are excited to continue to support Min and her team in their next phase of hyper growth,” said Dave Garland, Managing Partner of Second Century Ventures. “Their ability to empower homeowners, REALTORS®, inspectors, and trade professionals through technology reflects our commitment to advancing the real estate industry through innovation and partnership.”
Proceeds from the Series A funding will be deployed to accelerate development of the consumer-facing platform and proprietary data infrastructure along with geographic expansion over the next two years. In the next phase of PunchListUSA’s growth, access to exclusive inspection data will power end-to-end home lifecycle services and product offerings for homeowners through the PunchListUSA marketplace. With a focus on creating data-driven journeys customized for each home and intuitive online ordering, tracking and pricing transparency for homeowners, the PunchListUSA team is reimagining the future of home services and products.
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