HOVER has successfully raised $141.3 million over 8 funding rounds, leveraging its innovative technology to transform smartphone photos into fully measured 3D models of homes.
Keep reading to explore the intricacies of HOVER's fundraising journey and the investors backing this transformative platform.
What Is HOVER?
HOVER, founded by A.J. Altman, transforms smartphone photos into fully measured 3D models of homes. The company, based in San Francisco and Rochester, leverages patented technology to create interactive models valuable for home improvement and insurance processes.
With a workforce of 201-500 employees, HOVER offers an all-in-one app for contractors, builders, and insurance professionals. This app simplifies measuring, designing, selling, and generating takeoffs for various projects.
HOVER's innovative solutions enable faster, more cost-effective settlements for insurance professionals and provide homeowners with tools to bring their design ideas to life.
How Much Funding Has HOVER Raised?
- Series A
- Amount Raised: $3,000,000
- Date: March 2013
- Motivation Behind the Round: To develop the initial version of the app and bring the product to market.
- Unknown
- Amount Raised: $3,100,000
- Date: December 2012
- Motivation Behind the Round: To support early-stage development and operational costs.
- Unknown
- Amount Raised: $5,200,000
- Date: November 2013
- Motivation Behind the Round: To expand the team and enhance the app's features.
- Unknown
- Amount Raised: $6,000,000
- Date: November 2015
- Motivation Behind the Round: To support the development and expansion of the app, making it more efficient than traditional methods.
- Unknown
- Amount Raised: $13,995,095
- Date: October 2016
- Lead Investors: McKenna Management, de Anda Capital
- Motivation Behind the Round: To scale operations and improve the app's technology.
- Series B
- Amount Raised: $25,000,000
- Date: January 2018
- Lead Investors: GV (formerly Google Ventures), The Home Depot, Standard Industries
- Motivation Behind the Round: To expand capabilities in computer vision and deep learning, and to improve product offerings.
- Series C
- Amount Raised: $25,000,000
- Date: April 2019
- Lead Investors: Menlo Ventures
- Motivation Behind the Round: To fuel the creation of the first digital marketplace in renovations and support aggressive growth.
- Series D
- Amount Raised: $60,000,000
- Date: November 2020
- Lead Investors: Travelers Insurance, State Farm Ventures, Nationwide Insurance
- Motivation Behind the Round: To grow the workforce, improve the experience for contractor customers, and enable contractors to sell projects directly through the app.
HOVER has raised a total of $141.3 million in funding. The most recent valuation is $500 million (~estimated).
Key Investors
- Google Ventures (GV)
- Details: GV is the venture capital arm of Alphabet Inc., launched in 2009. It has invested in over 300 companies across various fields.
- Investment Focus Areas: Life sciences, healthcare, artificial intelligence, robotics, transportation.
- Notable Investments: Uber, Slack, Nest.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in early-stage and growth-stage companies. Matt Murphy, a partner at Menlo Ventures, joined HOVER's board of directors.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Uber, Roku, Warby Parker.
- Standard Industries
- Details: Standard Industries is a global industrial company with interests in building materials and related investment businesses. It has a long-standing relationship with HOVER through GAF, its North American roofing and waterproofing business.
- Investment Focus Areas: Building materials, aggregates, public equities, real estate.
- Notable Investments: GAF, BMI Group, Siplast.
- The Home Depot
- Details: The Home Depot is the world’s largest home improvement specialty retailer, with over 2,284 retail stores globally. It has a long-standing commercial relationship with HOVER.
- Investment Focus Areas: Home improvement retail.
- Notable Investments: Not specified.
- Travelers Insurance
- Details: Travelers Insurance is a major insurance company providing a wide range of insurance products. It led HOVER's Series D funding round.
- Investment Focus Areas: Insurance products and services.
- Notable Investments: Various insurance technology startups.
What's Next for HOVER?
HOVER stands at the cusp of revolutionizing the home improvement industry by creating digital twins of buildings, streamlining the process from "quote to cash" for contractors, and enhancing the claim experience for policyholders. With the global exterior renovation industry valued at over $200 billion, the opportunities for growth are immense. The company’s partnerships with industry leaders like The Home Depot and major insurance carriers further solidify its market position.
Future fundraising opportunities are likely as HOVER continues to expand its technological capabilities and market reach. The company’s focus on computer vision and deep learning positions it well to attract more strategic investors. However, challenges such as scaling the workforce, maintaining technological accuracy, and competing with other digital data companies remain. As HOVER navigates these hurdles, its potential for growth and innovation in the home improvement sector remains strong.
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