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Super Raises $50 Million for Subscription Repair Service

Millionacres logo Millionacres 6/8/2021 Motley Fool Staff
a room with a couch and a chair: Super Raises $50 Million for Subscription Repair Service © Provided by Millionacres Super Raises $50 Million for Subscription Repair Service

Homeowners and real estate investors: Be honest. Unless making house repairs is your hobby of choice, it's a pain to maintain a home. Not only do you need to keep up with regular maintenance duties, there are bound to be emergencies that happen anyway. And if you don't have people you can call on, you're then left searching the internet, hoping the reviews are accurate. Either that or you blow up your social media looking for recommendations, which can be unreliable as well.

A new San Francisco start-up called Super might be the answer to this unpleasant aspect of homeownership. Find out why investors are buying into it.

What Super does

Super provides a one-stop shop filled with qualified, licensed repair and maintenance people who can fix electrical and mechanical systems, plumbing, and appliances. Think of Super as a sort of "property manager lite." To use its services, you need to be a subscriber and pay a monthly or yearly fee.

What makes Super different from a typical home warranty situation is its use of technology to improve service to customers. For one, Super uses an algorithm to determine what price to charge subscribers based on the subscriber's location, home size, and other factors.

Subscribers go to Super's website to request and schedule service. This technologic aspect, which will be leveraging artificial intelligence (AI), is hoped to make the experience of hiring repair people faster, easier, and just more seamless overall.

Super, short for building superintendent -- the person people in buildings call whenever there's a problem -- is the inspiration behind the name of this company. The word "Super" also reflects how the company hopes you'll feel after using its services. All in all, Super's a pretty clever name.

Why investors like it

Super has just raised $50 million in a Series C round. In 2019, in a Series B round, it raised $20 million. All in all, Super's raised $80 million since its founding in 2015.

Plans for this latest cash infusion call for expansion into new markets. Super currently operates in Austin; San Antonio; Dallas; Houston; Phoenix; Washington, D.C.; Chicago; and Baltimore. Other plans include adding more maintenance and repair people to its subscription service.

Super currently exists for homeowners looking for repair people, but painters and carpet cleaners could enter the mix. And at some point, Super might also offer insurance to become part of the insurtech business scene (insurance combined with technology, like fintech stands for financial technology).

Super might also offer at some point financial services to homeowners through its marketplace. Based on some of its investors, such as Wells Fargo Strategic Capital (mortgages and home improvement loans), AAA (which sells insurance), and Liberty Mutual Strategic Ventures, among others, that scenario looks likely.

The Millionacres bottom line

With people spending more time at home since the pandemic, the home improvement business is booming. Super seems to be in the right place at the right time. Adding tech such as AI to its offerings and expanding into the insurance and financial services world could make this company quite innovative.

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