Jul 19, 2022

Spruce , an Austin, TX-based provider of lifestyle services to the multifamily industry, raised $26M in Series B funding. The round was led by Sweat Equity Partners, with participation from SoftBank Corp., Mercury Fund, Fitz Gate Ventures, Seamless Capital, Raven One Ventures, and New Age Ventures. The company intends to use the funds to hire to nearly double its headcount, with a focus on product, engineering, and sales. Led by newly appointed CEO Steven Pho*, Spruce currently offers Housekeeping, Chores, Pet Care, and Laundry to residents at more than 2,300 select apartment communities throughout the country. Through the app, customers are able to quickly book services from certified, insured, and background-checked professionals. This announcement follows a year of growth for the company. In just the last few months, Spruce has announced three major new partnerships and added the Twin Cities metropolitan area and Jacksonville, FL to its roster of U.S. markets. the company also recently launched a new vertical: a full-service Short-Term Rental turnover solution. It initially entered the Shorter-Term Rental market through its national partnership with RealPage and has expanded its offering to include customized turnovers, inventory management, and linen management. The company is fully-distributed, but will also be expanding its Austin headquarters in order to accommodate this latest influx of staff. * Pho has been a director on the Spruce board for nearly two years and will now bring his experience from leading companies like Favor Delivery and RetailMeNot to Spruce. Founder and current CEO Ben Johnson will assume the role of President. Manish Narula of SoftBank Corp. will also be joining the Spruce board as an observer, providing insight for the company’s expansion. FinSMEs 19/07/2022