We’re pleased to announce our investment in Homejoy. Launched just 18 months ago by sister-brother duo Adora and Aaron Cheung, Homejoy has quickly emerged as the leader in the on-demand home services market.
Initially focused on home cleaning, Homejoy delivers to consumers a hassle-free, quality cleaning service at a fraction of the cost typically seen with traditional maid services. As they grow, Homejoy has the opportunity to become the go-to company for a multitude of services associated with the home. Homejoy is a perfect example of a company that has significantly reduced the friction associated with a traditional consumer service by wrapping together provider sourcing, credentials assessment, price negotiation, availability/scheduling, service delivery, payment, and customer service all into a single experience.
We believe that Homejoy is part of a broader trend to on-demand consumer services. By integrating mobile and web technologies, consumers can get fast and efficient services with a touch of a button from vendors with whom they have a trusted relationship. Over the years, the consumer services landscape has been shifting from pure listings models (v1.0), to listing + review marketplaces (v2.0), and now to on-demand, branded consumer services delivered directly to the end consumer (v3.0). Companies like Homejoy will build sustainable brands and customer relationships that can be extended over time to related services.
With presence in over 30 markets, Homejoy is well on its way to transforming the $400B home services market. We believe in Homejoy’s mission of happy homes and vision of becoming the ‘get-help’ button for your home. We look forward to supporting the team in its global expansion.
Geoff and Pueo