Why We Invested in Honey Homes
We are thrilled to share that Honey Homes has secured $9.25M in Series A-1 funding, led by Era Ventures. This additional funding will support Honey Homes’ continued growth and national expansion as the company looks to reach profitability. Chingona Ventures invested in Honey Homes’ pre-seed round in 2021.
About Honey Homes
Every homeowner understands the hassle of home upkeep — oftentimes entailing a seemingly never-ending to-do list of items needing to be improved, installed, replaced, or repaired. Individuals spend hundreds of hours per year on home improvement and upkeep between manual labor, scheduling, and purchasing supplies, costing $2,000 on average. On the other hand, handypeople, traditionally contracted workers, spend time traveling between neighborhoods, which can similarly come at a high cost.
Honey Homes has set out on a mission to solve this problem by offering a membership-based service that provides homeowners with a dedicated handyperson to regularly knock off to-do list tasks via one simple app. Honey Homes hires handypeople full-time, providing a salary, opportunity for career growth, and employee benefits — including parental leave and paid time off — which are currently a rarity in the industry.
With a Honey Homes membership, each homeowner is paired with a select handyperson for up to two visits (1.75 hours per visit) every month. The handyperson completes jobs on the customer’s to-do list, performs proactive maintenance, and will even provide homeowners with suggestions for home improvement. For larger jobs that require a specialist or arise unexpectedly, Honey Homes is able to source vendors and coordinate the process on behalf of its members. The Honey Homes app allows members to book appointments, message their handyperson or the Honey Homes team with questions, and update their at-home to-do list with new tasks. While Honey Homes caters to all types of homeowners, these services tend to particularly benefit busy families, new homeowners, and senior citizens.
Honey Homes is led by founder and CEO, Vishwas Prabhakara, who we met in 2021. Vishwas is an experienced entrepreneur with a background in building and scaling technology companies and local businesses. Prior to Honey Homes, he served as the COO of Digit, a personal finance app that was acquired in 2021 after raising a Series C round in 2019. He also previously held senior and executive leadership roles at Yelp, ESPN, Fanvibe, and BeRecruited.
Why We Invested
When we invested in Honey Homes’ pre-seed round in 2021, before it launched its product, we gained conviction in Vishwas given his strong background as an operator. We were excited about Honey Homes’ innovative approach to home services management as it looked to solve major pain points for both homeowners and home service providers. Fast forward to today, the company has grown to service over 1,000 paying members — doubling its member count within just three months last fall — through its 50+ person team of handypeople. Honey Homes also increased its annual recurring revenue by 3.6x in 2023. Currently, Honey Homes visits over 150 homes per day in the Bay Area (including San Francisco proper), Los Angeles, and Dallas and saves its customers up to an estimated $3,000 in repair costs and 120 hours of time each year.
Honey Homes aligns with Chingona Ventures’ investment thesis as an early-stage company redefining the Future of Work. The company is joined by our other investments in this space, including Career Karma, Betterleave, and Hoop. Its focus on improving the livelihood of handypeople, rather than solely homeowners, supports our underlying investment thesis of finding alpha in overlooked but growing markets — including that of frontline workers — similar to our portfolio companies, Tendrel and Cartwheel.
We would like to extend our congratulations to Vishwas and the entire team at Honey Homes on a successful raise! We look forward to supporting Honey Homes as it continues to connect homeowners and handypeople throughout the country. If you are a homeowner in the San Francisco Bay Area, Los Angeles, or Dallas looking to reduce the stress of home maintenance and save both time and money, consider signing up for Honey Homes today!
