HOVER Secures $25 Million in Funding
SAN FRANCISCO — HOVER announced April 25 that it has closed a $25 million Series C round of funding.
The investment, which brings the company's total funding raised to $87 million, was led by Menlo Ventures with participation from prior investors including GV (formerly Google Ventures) and Standard Industries. Matt Murphy, partner at Menlo Ventures, will join HOVER's board of directors.
In making the announcement, the company said the $200+ billion global exterior renovation industry has long been limited to brick-and-mortar purchasing and opaque processes. Through its platform, Hover is enabling ecommerce for large home improvement projects for the first time. With HOVER, homeowners and contractors can receive exact measurements, design their home with different products and colors, and purchase materials directly through the app.
"HOVER gives homeowners the information needed to maximize the value of their largest economic asset," said A.J. Altman, CEO and founder of HOVER. "In a world where you can buy and sell your home online, you should also have the ability to plan and complete renovation projects from the palm of your hand. With HOVER, we are transforming homeownership by dramatically improving a notoriously frustrating process."
Using computer vision and deep learning, HOVER turns smartphone photos into an accurate, interactive 3D property model that facilitates commerce at the kitchen table. HOVER has lined up industry-leading partners on its platform from The Home Depot to GAF, the world's largest roofing manufacturer, as well as Beacon, a leading building materials distributor. With the ability to browse materials directly from manufacturers, HOVER is exposing homeowners to brands typically known only to contractors.
"HOVER has become the defacto standard for how professionals sell and homeowners buy even the most sophisticated home improvement projects," said Matt Murphy, partner at Menlo Ventures. "HOVER is leveraging the best and brightest in computer vision to reinvent a massive market and is creating a 3D system of record for home data that will benefit homeowners, contractors, home products companies, and insurers."
The HOVER platform has grown to hundreds of thousands of users representing tens of thousands of home improvement companies. The company also has partnerships with five of the top 10 U.S. carriers in the insurance industry who use the platform to reduce claim adjusting costs, decrease cycle times, and improve the overall customer experience.
The San Francisco-based company has doubled its staff over the past eight months and plans to continue to grow aggressively through the end of the year.