The Home Depot Invests in Another Digital Business

Homee, a US company based in Tampa, with an on-demand property maintenance app, closed an $11 million financing led by Activate Capital Partners and with participation from The Home Depot.

The new investment, which also includes the company’s existing investors, is integral to Homee’s growth, said Doug Schaedler, co-founder and CEO.

Homee launched in July 2016 and has raised $15 million to date, including earlier funding from Florida Funders and Tampa Bay Lighting owner Jeff Vinik. Homee is among the local tech companies drawing significant capital from investors both in Tampa Bay and outside the area, a sign that the technology sector continues to increase its impact on the area's economy.

Homee uses GPS-enabled smartphone technology to link customers and property maintenance service providers including electricians, plumbers, HVAC technicians and handymen. Homee’s service is available for any type of property, from homes and condos to offices and restaurants. Some of the largest national single-family portfolio companies are among its clients, a press release said.

Homee is addressing “fundamental pain points in the industry,” said Michael DeRosa, managing director at Activate, a growth equity firm with offices in San Francisco and Philadelphia.

“Homee is a category-leading, on-demand property maintenance platform that is changing the way homeowners and property managers find, contract, and pay for qualified heating and air conditioning, plumbing, electrical, and general handyman services,” Homee co-founder and CEO Doug Schaedler says in a statement.

This is not Home Depot’s first investment in technology this year. In June, the company announced it would spend $11 billion on “internal improvements,” including the construction of more distribution centers.  In April, the company launched its “biggest tech hiring spree ever” to attract more than 1,000 new tech workers to its ranks.

Source: Insight International Team

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.