Mobile Auto Repair Service Wrench Raises $ 12 Million to Scale Nationwide and Launch Benefits Program

The key team. (Photos via key)

Key steps on the pedal as the auto repair market continues to expand in the United States.

Tenaya Capital led the round, which included participation from Vulcan Capital and Madrona Venture Group, which led the company’s Series A and seed rounds. Total funding to date is over $ 17 million.

Founded in 2016, Wrench combines controlled mechanics with those who need to repair their vehicle, without requiring a trip to a dealership or store. Repairs can be done anywhere from an office parking lot to a downtown parking garage to a customer’s driveway. Wrench makes the meeting easier and makes money on every trade. It offers a one-year, 12,000-mile warranty on parts and labor.

The company now operates its service in eight states and major cities, including Seattle, Phoenix, Dallas, Austin, Portland, Las Vegas, Los Angeles, San Francisco and Denver. There are around 50,000 vehicles on the Wrench platform with 100 mechanics / technicians in all markets.

Wrench will use the funding to continue to expand into new cities and target new customer segments, including small fleets and employee benefit programs, which allow employers to provide auto repair services to employees.

Wrench says it can save customers up to 30 percent compared to dealer repair shops. He estimates the US auto repair market at $ 70 billion.

Competitors for the wrench include Your Mechanic and Fiix. Last year Wrench raised a $ 4 million Series A round.

Last month Wrench acquired Otobots, a Chicago-based company that operates in a similar market. Most of Otobots’ 26 employees have joined Wrench, which now employs 125 people. The Otobots brand will switch to Wrench in the coming months.

Key CEO Ed peterson co-founded Wrench with Doug stevens and Casey willis. He and some of his current colleagues founded and sold Intelius, a public records research company, and TalentWise, which performs background checks and other screening services.

“Ed and his team have created a service that resonates with consumers, results in repeat use, and ensures that trusted and trusted mechanics not only take care of the vehicle, but also communicate clearly with the consumer about labor, costs and issues. choice, ”Ben Boyer, Tenaya A capital partner who will join Wrench’s board of directors, said in a statement.


Source link

Sylvia F. Hernandez