Wrench Raises $20 Million in Funding
Dec. 10, 2019—Seattle-based, mobile car repair company, Wrench, has announced it raised $20 million in its most recent round of funding, reports Boston.com. The funding was led by Vulcan Capital. Longtime investor Madrona Venture Group, along with Tenaya Capital and Marubeni Corp., participated as well.
In just three years, the company has expanded into all 50 states. The company’s app allows vehicle owners to book house calls for such problems as battery and radiator replacements, oil changes and brake jobs.
“There’s a ton of really cool technological advancements going on in the auto industry, especially in the way people buy cars,” said Ed Peterson, CEO and co-founder of Wrench. And yet, he added, “How people take care of their cars really hasn’t changed.”
The funding is meant to drive growth for the company. Wrench also plans to expand into Canada after it acquired Fiix and its 80,000 customers last month.
“Wrench’s technology-enabled mobile mechanic service saves customers time and money, resulting in high customer satisfaction and lifetime value,” said Stuart Nagae, director of venture capital at Vulcan Capital, in a statement.