Insurtech startup Super raises $50M funding led by Wells Fargo to offer a subscription service that provides care and repair for your home
No one likes to be caught off guard-especially when it comes to a broken appliance or a faulty system in a home you just purchased. Around Christmas of last year, the heater furnace in my house suddenly stopped working. I later called the repair company for help. I was charged $150 for an emergency visit because it happened during the weekend. The company also charged another $750 in repair cost.
My situation was not an isolated case. According to industry statistics, Americans spend at least $4 billion on home appliance repair alone. Depending on where you live, an appliance repair costs around $172 on average, with a typical range of $105 and $240. Now, one startup wants to change that.
Enter Super, a Silicon Valley-based startup Super that offers homeowners and renters alike a subscription service that provides care and repair for their homes. Unlike the traditional home warranty companies, Super is reinventing and disrupting the home warranty sector with new technological innovations.
Using a data platform that captures more data on the home, on service providers, and on homeowners, Super has made impactful improvements in coverage, fraud prevention, and automation—from upfront scheduling through claim approval and service delivery. This unique approach and technology focus results in superior economics and enhanced customer experience.
Today, Super announced today it has closed $50 million in Series C funding to accelerate growth—from market expansion to hiring and expanding its service offerings. The company will also bolster its technology capabilities, including leveraging artificial intelligence (AI) to enhance customer experience and support its mission to make caring for a home carefree.
The oversubscribed round, which brings the company’s total funding to date to $80 million, was led by new investor Wells Fargo Strategic Capital (WFSC) led the round. Other new investors include Asahi Kasei, AAA – Auto Club Group, Gaingels, and REACH, a technology scale-up program created by Second Century Ventures, the NATIONAL ASSOCIATION OF REALTORS®’ strategic technology investment fund. Existing investors Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Moderne Ventures, and the HSB Fund of Munich Re Ventures also participated.
Founded in 2015 by Bill Davis, Jorey Ramer, Ryan Donnelly. Super offers subscription-based care for your home. By partnering with the best local service companies to deliver quick and effective home repair and maintenance at a predictable cost, Super’s vision is to make caring for a home carefree.
Continued demand for Super’s technology-driven offering led the company to deliver 7x revenue growth since raising its Series B round in April 2019. The company currently serves households in Austin, Baltimore, Chicago, Dallas, Houston, Phoenix, San Antonio, and Washington, D.C.
“Wells Fargo embraces innovation, and we’re excited to support a tech-forward platform like Super which brings further advancement to the home services market,” said Matthew Raubacher, managing director for WFSC’s Principal Technology Investments Group. “The challenges of ongoing repairs and maintenance resonates with every homeowner, and Super provides an experience that is convenient for the customer while boosting job visibility for local contractors and businesses. We look forward to seeing them continue to widen their geographic footprint and expand their product offering.”
“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,” said Jorey Ramer, co-founder and CEO, Super. “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.”