Sherman Oaks, Calif-based home services provider SERVIZ has received $12.5 million in Series B funding. PointGuard Ventures led the round. Also, Krish Panu, PointGuard’s founder and managing director, has been named to SERVIZ’s board of directors.
LOS ANGELES, CA – December 16, 2014 – SERVIZ, an on-demand home services provider aiming to disrupt the $400 billion home services industry, today announced that it has closed a $12.5 Million Series B equity financing round led by PointGuard Ventures. Existing investors Andy Sheehan, Jeff Stibel of Stibel Investments and SERVIZ founders, Zorik Gordon and Michael Kline, also participated in the round. SERVIZ will use the capital to expand its service offerings to the top 20 home repair categories and support expansion into an additional 20 geographic markets in the next 12-24 months. Including the prior Series A round led by Groupon (NASDAQ: GRPN), the company has raised $20 million of equity financing to date.
“We’ve seen really strong adoption of SERVIZ in the Los Angeles and Orange County regions since our launch. In just five categories and only five months since our launch, we have already scheduled over 10,000 home services appointments, and our appointment volume is growing more than 50% month-over-month,” said Zorik Gordon, co-founder and CEO of SERVIZ. “We have an aggressive roll out strategy, and these funds will enable us to expand into new services and new markets. This latest round led by PointGuard Ventures is a strong validation of our momentum to date and the size of the opportunity ahead of us.”
SERVIZ is fundamentally changing the way consumers purchase home services. By utilizing its on-demand booking and job allocation technology platform and proprietary network of independent service professionals, SERVIZ lowers the price of home services and passes those savings on to the consumer. The company’s mission is to eliminate the excessive mark-up that existing home services companies have historically charged. SERVIZ currently provides on-demand home repairs covering more than 300 services across 5 primary categories, including handyman, plumbing, carpet cleaning, appliance repair, and electrical. SERVIZ pros are background-checked, licensed, and insured and their work is backed by a 100% satisfaction guarantee.
“SERVIZ uniquely combines the pricing transparency and customer experience of Amazon with the convenience and efficiency of a proprietary on demand booking application like Uber,” said Krish Panu, founder and managing director at PointGuard Ventures. “Based on how SERVIZ has been able to execute to date and with their ability to add more services and new markets to its platform in a scalable manner, their potential is limitless, and we are thrilled to partner with such a veteran executive team.”
With this round of funding, PointGuard Ventures’ founder and managing director, Krish Panu, will join the SERVIZ Board of Directors. Panu’s previous investments include Deem, Movius Interactive Corp, and Lavante®, among others.
SERVIZ is an on-demand home services company that aims to disrupt the $400 billion home repair industry by offering a faster and less expensive way to book and pay for home services online. From handyman work to plumbing, carpet cleaning, electrical work and appliance repair, SERVIZ provides background checked and licensed professionals at unbeatable, upfront prices, all at the click of a button. SERVIZ is headquartered in Sherman Oaks, CA and currently serves the greater Los Angeles area, including Orange County, with plans to expand nationwide. For more information about SERVIZ, please visit www.serviz.com or download the SERVIZ iOS app.
About PointGuard Ventures
PointGuard Ventures, founded by Krish Panu and Pete Thomas, both Silicon Valley venture capitalist veterans with 35 years of venture and operating experience, invests in dynamic new technology companies to create new market opportunities or to solve problems in existing markets more cost effectively. Their venture experience spans over 50 startups, 12 IPOs, and many successful M&A transactions. PointGuard’s new fund will invest in software, networking, and hardware to provide “technology convergence” solutions to many of today’s markets including Mobile Commerce, Cloud Computing, Greentech, Point-of-Care medical, Education, and applied Data Analytics. PointGuard’s fund strategy is to invest in a mix of companies in need of Series A & B funding, and in select later stage investments that are based in the U.S. with the potential for early global market entry.