Owning a home requires a lot of upkeep and if you’re not careful it’s easy for a lot of things to slip through the cracks. San Francisco-based insurtech company Super is on a mission to help homeowners avoid costly repair fees with its subscription-based maintenance service.
On Wednesday, the company announced it raised $50 million in an oversubscribed Series C round to continue helping homeowners across the country stay on top of their maintenance duties.
The latest raise, led by Wells Fargo, stands as a vote of confidence from investors who have taken note of the company’s rapid growth rate. Since its Series B in 2019, Super has experienced 7x revenue growth.
Super’s subscription-based platform draws from public data on housing and local service providers in order to provide homeowners with the best option for a repair, ideally at a low cost.
Super offers homeowners three coverage plans to choose from. The plans range anywhere from $63 to $118 a month. Once subscribed, Super will pay to replace or repair covered breakdowns. The company’s primary plan covers a range of at-home systems and appliances including heating and cooling, plumbing, electricity and more. The standard copay for service is $75.
“Building a full-stack insurtech business has put us in a unique position to create a vastly superior customer and servicer experience because we have greater control over our product and operations,” Jorey Ramer, co-founder and CEO of Super, said in a statement. “Data and technology are critical to delivering this experience and give us a better understanding of the home, and the best way to address expected work and costs.”
In addition to its repair service, Super also provides users with weekly maintenance reminders in an effort to prevent future problems. The company’s mobile app can remind users to conduct menial tasks that might typically be overlooked like cleaning out the chimney, changing out air filters or clearing out rain gutters. Users have the option to perform the task themselves or request service from the company.
Following the latest raise, Super will continue to expand its service offerings and accelerate hiring. The insurtech platform is currently on the lookout for a senior director of marketing to join its SF-based team. Multiple account executive positions are available across several of the company’s service markets as well.
Super currently serves homeowners in Chicago, Austin, Baltimore, Dallas, Phoenix, Houston, San Antonio and Washington, D.C.
Additional investors Asahi Kasei, AAA - Auto Club Group and Gaingels participated in the round, among others. Super has raised $91.6 in venture capital financing to date, according to Crunchbase.
