Car Repair Company Gains $12M in Funding
October 4, 2018—Wrench announced a Series B funding round of $12 million led by Tenaya Capital with participation from Vulcan Capital, seed, and Series A partner, Madrona Venture Group. Wrench provides full repair and maintenance service for cars, delivering licensed mechanics to where customers live and work. Wrench suits today’s consumers and fleet operators providing dealer quality work without requiring a trip to the dealership or shop. The fast growing company says the additional influx of capital will enable it to accelerate expansion of its on-going national rollout.
Wrench now has approximately 100 mechanics and expects to onboard over 75,000 vehicles on the Wrench platform by the end of the year.
“We have all had the experience of the inconvenience and expense of dealing with routine maintenance and the more disruptive emergency repairs to the family and personal vehicles. Add to that the lack of trust that many vehicle owners have when it comes to choosing a shop, the time for a trusted service is clear,” said Ben Boyer, co-founder and Partner at Tenaya Capital. “Ed and his team have built a service that resonates with consumers, drives repeat uses and ensures that licensed and trusted mechanics not only take care of the vehicle but also clearly communicate with the consumer about work, costs and choices.” Mr. Boyer will join the Wrench board as part of the financing.
Wrench is a new approach to car repair that makes the whole experience easy, convenient and affordable. Using an app or website, car owners can schedule a repair, receive a quote and specify a repair location. A Wrench certified, trained and background checked mechanic services the vehicle at the customers’ home or office location, saving people on average 2-4 hours of travel and wait time.
Wrench services all types of cars and trucks and provides dealer quality service at a competitive price, backed by a one year, 12,000 mile guarantee on both parts and labor. In addition to accelerating Wrench’s geographic rollout, the new funds will allow the company to capitalize on additional promising market opportunities such as small fleets and corporate benefit programs.
According to co-founder and CEO Ed Petersen: “Consumers and fleet owners and operators expect convenience and digital communication from the service providers in all parts of their lives," said Ed Petersen, ceo. "Through our trained mechanics, we offer them an entirely new way to keep their vehicles running smoothly with minimal disruption to their daily schedules."
"We have also found that large employers want to offer these types of services to their employees and we are building out our corporate partnership business.”