Wrench’s on-demand vehicle repair and maintenance service picks up $20 million
Wrench (https://wrench.com/) , the Seattle-based on-demand vehicle maintenance and repair service for consumers and fleets, has raised $20 million in its latest round of financing.
The company’s round was led by Vulcan Capital, (https://crunchbase.com/organization/vulcan-capital) with additional participation from Madrona Venture Group, (https://crunchbase.com/organization/madrona-venture-group) Tenaya Capital and Marubeni Corp.
Wrench (https://crunchbase.com/organization/wrench) is one of a growing number of companies using technology to adapt what had previously been infrastructure-heavy services closer to a more consumer-friendly, convenient business model. Other companies operating in a similar vein (and in automotive) include refueling and car wash on-demand startups, like Filld, Yoshi and Booster Fuels for gassing up and Spiffy, Wype Washos and Washé for washing.
Equipped with diagnostic software that can assess problems with vehicles based on their owners descriptions, and service trucks that can handle most maintenance and repair work, Wrench meets fleet operators and consumers at their vehicles to provide servicing and repairs.
It’s a model that has attracted some competitors with big backing. RepairSmith (https://www.repairsmith.com/) , which operates a similar service out of Los Angeles and San Francisco, is backed by Daimler to provide much the same on-demand repair services.
Given the competition coming into the market, it’s no wonder that Wrench is raising additional capital to expand its footprint into new markets. The company also said it intends to use the financing to make some key hires.
“Busy consumers need a simple scheduling and vehicle diagnosis system to deliver repair and maintenance services without the hassle of the waiting room,” said Ed Petersen, (https://crunchbase.com/person/ed-petersen) the company’s chief executive, in a statement.
Wrench has already serviced around 100,000 vehicles, according to Petersen, and all of the company’s repair and servicing visits come with a 12,000-mile warranty and a vehicle inspection with the results delivered to a customer.
“Consumers are embracing on-demand services that make their lives better. Wrench’s technology-enabled mobile mechanic service saves customers time and money — resulting in high customer satisfaction and lifetime value,” said Stuart Nagae, director of venture capital at Vulcan Capital. “With more than 270 million vehicles in the United States, the opportunity is enormous.”
Wrench has already begun its process of geographic expansion with the acquisition earlier this year of the Canadian mobile automotive mechanic startup Fiix (http://www.fiix.io/) , which provided mobile mechanic services to around 80,000 customers across North America.
Wrench raised $4 million in its first round of financing, which TechCrunch covered back in 2017 (https://techcrunch.com/2017/03/28/wrench-raises-4-million-to-bring-auto-repairs-to-your-door/) .
Wrench raises $4 million to bring auto repairs to your door (https://techcrunch.com/2017/03/28/wrench-raises-4-million-to-bring-auto-repairs-to-your-door/)