Wrench Completes $4M Series A Funding
SEATTLE, WA, Wrench, a start-up that is taking the pain out of car repair, announced today the successful closing of its $4 million Series A financing round.
The round was led by Madrona Venture Group, marking a period of rapid growth and expansion. Wrench, which launched last June, has successfully expanded from greater Seattle to three other western cities and is expecting to further expand both its services and service areas with the new funding.
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 and background-checked mechanic services the vehicle at the customer's 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.
According to Wrench CEO Ed Petersen: "Wrench's mission to remove the hassle of car ownership is resonating with consumers. Our services in Seattle, Phoenix, San Diego and Portland have loyal and growing customer bases - who doesn't want to save time, money and hassle in dealing with both routine and major car repairs? We will use the funding to rapidly expand our services and footprint."
"US consumers spend more than $60 billion annually on car repairs and maintenance and the service model hasn't changed meaningfully since the invention of the oil change shop," said Len Jordan, managing director, Madrona Venture Group. "Wrench applies modern mobile, internet commerce and data analytics techniques to this market and delivers a physical service that consumers need multiple times a year. We backed Ed and his team in the Seed round and are excited to lead this round and put more capital to work in building this business."
Wrench is an innovative on-site car repair service that promises to disrupt the $60 billion+ car repair industry. All Wrench mechanics go through background checks and are certified. Wrench is generally on par price-wise with independent car repair shops and as much as 30% less expensive than the service bays of car dealerships. All Wrench repair work is backed by a 12-month and 12,000-mile guarantee. For more information or to make an appointment, go to www.getwrench.com or download the Wrench mobile app.
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