Puls Technologies Secures $15M Funding for On-Demand Home Repair

Puls Technologies Secures $15 Million to Expand Home Repair Services

Homeownership invariably involves unexpected repairs, and determining the appropriate professional to contact, alongside affordability concerns, can be challenging. Puls Technologies offers a solution to these common homeowner difficulties.

New Funding and Appliance Warranty Launch

Having recently obtained $15 million in new funding, spearheaded by Hanaco Venture Capital, the Livermore, California-based company is broadening its services. Puls Technologies, known for its on-demand home repair services delivered via a mobile application, is now entering the home insurance sector with the introduction of an appliance warranty program.

This warranty option covers appliances such as refrigerators, washing machines, dryers, and ovens, with plans starting around $29 monthly.

Efficient Repair Matching Through Technology

Puls utilizes prediction algorithms to efficiently connect technicians with repair jobs. This approach ensures timely and convenient service, typically completed within one to two days, a significant improvement over the weeks-long wait times often associated with traditional repair services.

The company currently collaborates with a network of over 7,000 vetted technicians operating in 20 cities throughout the United States.

Company Evolution and Market Opportunity

Initially founded in 2015 as a mobile phone repair service, Puls underwent a strategic shift in 2020, transitioning to a membership-based business model, according to Gabi Peles, CEO of Puls.

The decision to offer appliance warranties stemmed from observing the substantial volume of customer complaints regarding conventional home warranty services, coupled with the fact that 61% of Americans struggle to cover an unforeseen $1,000 expense.

Addressing Limitations of Existing Warranty Plans

“Traditional warranty plans are often hampered by high fees, restrictive fine print, exclusions of significant issues, and delays in dispatching service professionals,” Peles explained. “Puls provides users with more comprehensive coverage for most home appliances at a competitive price.”

Puls is also dedicated to improving the experience for technicians, offering a platform that generates new business, increases job access, and provides opportunities for supplemental income through upselling and cross-selling.

Funding History and Growth

Prior to this latest round, Puls had raised $96 million, including a $50 million investment in 2018. This recent $15 million represents the first funding secured under the company’s new leadership.

Recent Expansion and Pandemic Impact

The company has experienced 100% growth over the past six months, nearly doubling its workforce to 60 employees in the last year. Increased demand for home repairs during the global pandemic, as people spent more time at home, contributed to this growth.

Peles noted that the average refrigerator door is opened and closed 20 times daily, but this frequency increased to over 100 times during periods of widespread home confinement, leading to a surge in door repair requests.

Future Plans and Expansion

To accommodate this growing demand, Puls plans to utilize the new funding to expand its service area to over 40 cities and anticipates reaching a team of over 100 employees by the end of 2022.

Hanaco Venture Capital’s Perspective

Lior Prosor, general partner and co-founder of Hanaco Venture Capital, highlighted the fragmented nature of the U.S. home repair and maintenance services market, comprising hundreds of thousands of independent service providers.

This fragmentation often results in inadequate support for both technicians and homeowners. Technicians lack the necessary tools for success, while homeowners frequently receive substandard service.

Puls’ Value Proposition

Puls addresses these issues by managing scheduling, pricing, billing, and customer service, allowing technicians to concentrate on delivering quality repairs. Hanaco Venture Capital recognized a significant opportunity to support Puls’ operational model shift in 2020.

“We strongly believed in Gabi’s vision of leveraging Puls’ assets to establish a leading home care company within the insurtech market,” Prosor stated.

“The company is currently experiencing a pivotal moment, with new membership and warranty products driving impressive business metrics and indicating a path towards sustainable growth,” he added. “The platform is both cost-effective and has demonstrated strong product-market fit across both project-based work and ‘Click & Fix’ subscription services, with a promising pipeline of new offerings in its warranty and home insurance products.”