Charleston, South Carolina-based real estate tech firm PunchListUSA, which calls itself the first platform digitizing national home inspection data, closed on a $39 million Series A funding round this week.
PunchListUSA has now raised more than $49 million in equity capital since its inception in 2018.
Sweetwater Private Equity and Morpheus Ventures led the latest funding round with additional investors including Home Depot Ventures, Second Century Ventures and Palm Drive Capital. PunchListUSA plans to use the funding to invest in proprietary technology to create instant repair and renovation estimates and open offices, which it aims to expand footprint to more than 30 markets through 2023.
”We are building our team and technology to break down barriers,” said Min Alexander, co-founder and chief executive officer of PunchListUSA. “Our singular mission is to make homeownership more accessible and sustainable for the 220 million owners in the U.S.”
Founded in 2018 as a contractor services company serving real estate agents in Charleston, South Carolina, PunchListUSA is now focused on intuitive online ordering, tracking and pricing transparency for homeowners, brokers and institutional investors.
While home inspection is regarded as one of the traditional analogy industries, the platform uses proprietary technology and property data to deliver home repair, renovation and lifecycle services through process automation and direct integration, according to its website. The platform currently holds a five-year exclusive agreement with Pillar to Post, one of the U.S.’s largest home inspection services providers, to offer customers instant repair estimates.
According to the firm, consumers can obtain instant and accurate repair pricing by providing their inspection report PDF file. Each estimate is connected to a turnkey fulfillment solution backed by a network of more than 5,000 tradespeople, in-house project managers and a one-year warranty.
PunchList works with more than 150 national and regional brokerage companies and since the third quarter of 2021, added 25 new institutional partners, including iBuyers, single-family rental operators and portfolio investors for renovation and maintenance services, the firm said.