Company Research Report: Honey Homes

Company Overview

• Name: Honey Homes, Inc.

• Mission: To transform home care from a source of stress into a source of comfort and joy, by drastically simplifying the way homeowners manage home projects and maintenance.

• Founded: 2021

• Founders: Vishwas Prabhakara and Avantika Prabhakara

• Key People:

• Vishwas Prabhakara: CEO and co-founder

• Avantika Prabhakara: Co-founder

• Katie Pham: Co-founder

• Rory O’Connell: Co-founder

• Headquarters: No information is available

• Number of Employees: 75 employees

• Revenue: While specific revenue figures are not shared, the company had increased its annual recurring revenue by 3.6x in 2023 and aims to achieve eight figures in ARR in 2024.

• Company Specialty: Honey Homes is known for providing a dedicated, consistent handyman service through a membership model, offering routine maintenance and home improvement tasks for single-family homeowners.

Products

Membership-Based Home Care Service

• Description: Honey Homes pairs homeowners with a dedicated handyman who oversees maintenance and minor repairs. The service is provided through an app that allows task scheduling and real-time communication.

• Key Features:

• One Dedicated Handyman: Members receive services from a specific handyman familiar with their home.

• App Efficiency: Use of an app to add tasks, schedule visits, and communicate with the handyman team.

• Regular Visits: Members can book 3.5-hour or 1-hour 45-minute blocks for maintenance.

• Service Variety: Tasks include electrical, plumbing, general maintenance, furniture assembly, and smart home setup, among others.

• Flexible Use of Hours: 42 service hours annually, used flexibly as needed by the homeowner.

• Health Benefits for Handymen: Full employment with benefits like health insurance, PTO, and professional development for handymen to ensure quality service.

Recent Developments

• Recent Funding:

• Khosla Ventures and Pear VC have significantly invested in Honey Homes, with the company raising $9.25 million in an extension financing led by Era Ventures.

• Total venture funding since inception amounts to $21.35 million.

• Market Expansion:

• Launch and expansion of services in the San Francisco Bay Area, Dallas-Fort Worth metro area, Los Angeles, Austin, and Chicago.

• Rapid growth in service area coverage and member numbers, with the San Francisco market identified as the fastest-growing region.

• Operations and Technology:

• Implementation of AI to streamline handyman workflow and put maintenance needs on autopilot.

• Introduction of new app features to enhance customer experience and operational efficiency.

• Member Growth and Revenue:

• Doubling of member count in a three-month span leading to a significant increase in recurring revenue.

• Strategic plan to reach profitability, focusing on member growth and additional service revenues.

• Strategic Partnerships and Membership Enhancements:

• Expansion into home electrification services anticipating increased demand.

• Consideration of fundraising extensions to support expanding operations and market reach.

Additional Notes

• Service Pricing: Costs for the membership vary between $250 to $395 per month, depending on location, with discounts available for annual plans.

• Customer Feedback: Noted high satisfaction with consistent quality and reliability of service, backed by nearly 2,000 happy members.

• Competitive Differentiation: Distinguished from other service providers by employing handymen full-time as opposed to relying on contractors, providing consistent and reliable service.