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InspectionGo (iGo) has closed on $5.5 million in Series A funding as well as the joint acquisition of home services proptechs HomeBinder and Repair Pricer, according to July 19 announcement.
Existing investor Wasatch Equity Partners led the funding and brings the total raised by the company to $10.3 million. IGo chose not to disclose specific financial details of the acquisitions, which were all-stock.
IGo provides a solution for independent home inspectors and companies to expedite services through smarter scheduling, as well as through business education coaching and industry education programs.
John Russell, iGo co-founder and CEO, said in a statement that his company’s investor shares their vision for bettering the way home inspections serve the home-buying public.
“The addition of their product offerings accelerates our strategy of giving the inspection community the ability to provide homeowners with valuable tools for managing their home for as long as they own it,” Russell said.
Repair Pricer is a web-based service that translates inspection reports into actual cost estimates. The company claims its repair pricing solution is 98 percent accurate and can be turned around in less than a day.
“Since 2016, homeowners in nearly 42,000 ZIP codes throughout the U.S. have used it to generate more than 1.1 million home repair estimates,” the announcement reads.
Inspectify, PunchList USA and Plunk operate in the same space, aiming to flatten the many manual, legacy processes that slow home inspections and maintenance pricing.
Inspectify is working toward a national standardization in home inspections as opposed to the long-existing vendor-by-vendor business models, a byproduct of which is often the delay of home sales because of prolonged negotiation over vague repairs and poorly estimated budgets.
HomeBinder was reviewed by Inman in 2022, earning four stars for its transaction management integrations, home-value focus and well-designed consumer-first UI. Agents can realize value by recommending it to clients and integrating their network of local vendors, either manually or from Home Binder’s growing list of homeowner-added professionals. It’s offered by a network of 9,000 professionals to more than 950,000 homeowners nationwide, according to the announcement.
IGo’s actions suggest it’s seeing the same future as other proptechs in the loosely defined homeownership management space — that a lack of sales activity will mean longer ownership cycles and thus, more proactivity in upkeep. Additionally, better tracking of repairs, equipment installs and system upkeep can mean a better listing when it’s time to finally sell again.
The more the industry can encourage the collective customer base to maintain and record use of homes, the better the overall product.
IGo’s leadership team will grow as result of the acquisitions and funding. Repair Pricer CEO Christian Adams will serve as iGo’s Chief Revenue Officer and Jack Huntress, CEO of HomeBinder, will become Head of Consumer Products. Both are newly created positions.
The funding and acquisitions are expected to bring hundreds of jobs to central Pennsylvania by 2026, according to the announcement. IGo was founded in 2019.
