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Google Ventures, Redpoint led combined USD8 million backing for Homejoy
Y Combinator-incubated startup Homejoy announced that it has received a total of USD38 million in new capital. The startup allows customers to sign up for a home cleaning easy for USD20 per hour. The new funding was said to be raised in two rounds. Google Ventures led the Series B funding round, while Redpoint Ventures led the Series B funding round. According to co-founder and CEO Adora Cheung, the funding rounds were held a couple of months apart, hence the announcement been done at the same time.
The funding rounds saw the participation of investors Max Levchin, First Round Capital, Oliver Jung, and Mike Hirshland. All in all, Homejoy said it had managed to accumulate USD40 million in total funding.
Starting under the name Pathjoy last year, Homejoy has grown as a niche leader in 30 markets in the United States and Canada. It also has a staff of over a hundred people to help the company work with thousands of professionals who provide cleaning services for the company. Cheung also disclosed to TechCrunch that the company's revenue and other pertinent metrics are growing every month by double digits.
Aside from funding the company's growth, Cheung said part of the money will allow Homejoy to explore in other home services aside from cleaning that will tie to the company's goal, which is to make happier homes.
"We're definitely thinking about it. Honestly, there's no timeline for us right now. We don't have any hard set dates, but you'll see something in 2014," Cheung said.
TechCrunch compares Homejoy and its focus on cleaning services to other general on-demand task services. For one, Exec had focused on its cleaning services after shutting down its errand service. TaskRabbit on the other hand, had realigned its priorities and laid off workers in order to focus on its mobile and enterprise offerings.