In 2015, we set out on a mission to remove the hassle out of owning a car. From our own personal experience, we found that the end-to-end experience of repairing one’s car was inconvenient, time-consuming, confusing, and dishonest. Like us, we didn’t want others to feel scared, get scammed, or feel stressed when needing to fix your car. So to solve this, we did what we do best. Use technology to build a product, service, and experience that makes this better for everyone.
Over the years, people absolutely loved the service. We serviced over 8000 customers, received over 500 5-star reviews, landed clients like Uber and Car2Go, helped mechanics earn 2x more than the industry average, and overall, made the process of getting your car fixed significantly better than the standard.
Even more, we were fortunate to have tremendous support along the way. All the way from winning the University of Waterloo Velocity Pitch competition, getting into YCombinator, pitching inside the Dragons’ Den, and raising $1.9M USD from an amazing, supportive, intelligent roster of investors.
So with great traction and support, you’re probably wondering why we ultimately decided to sell the company.
Earlier this year, we were approached by a company interested in acquiring us in hopes of expediting our mission while helping us scale our B2C and B2B operations. As a result, we took this request seriously into consideration and when doing so, we began to look at other potential acquirers who could also help multiply our business since nothing is truly guaranteed.
We decided to consider the acquisition for 2 primary reasons:
- Fiix was at a point where we would need to raise another large round of capital to start opening new cities. With the additional funding we would’ve improved our B2C retention, and continued to decrease acquisition costs.
- Engineering is one of our core competencies, which is why we were able to build a significant amount of SEO value for our website from across North America. We had over 80,000 high intent customers from all across North America visiting our website looking to book a service, but we could only serve a tiny portion of them by being in Toronto. With a partner that had American presence, our efforts could go much further.
After months of meeting potential acquirers, we determined that Wrench would be the best fit for us and would be able to truly take Fiix’s mission and execution to another level. We find the team at Wrench exceptional, and love their operational and product capabilities. Most importantly, their ability to execute and push boundaries within the industry is superb.
As for us and the team, it’s the beginning of a new chapter. As individuals and as a group, we love to use technology to solve complex problems and improve the world for the better. The lessons we’ve learned throughout these 4 years are ones that’ll do nothing but help us in our future endeavours.
Stay tuned, we’ll let you know what we’re up to soon!