Spruce Secures $26M in Funding and Brings on New CEO to Lead Next Phase of Growt...

Spruce Secures $26M in Funding and Brings on New CEO to Lead Next Phase of Growth

Spruce is a fast-growing lifestyle services proptech company based out of Austin, Texas. Today, they announced they have secured $26M in Series B funding led by Sweat Equity Partners, with participation from SoftBank Group, Mercury Fund, Fitz Gate Ventures, Seamless Capital, Raven One Ventures and New Age Ventures. Including prior funding, this brings Spruce’s total funding to date up to a whopping $40M.

In addition to the funding news, Spruce has also announced that board member Steven Pho will be transitioning to the position of CEO. Prior to joining Spruce, Steven served as the President of consumer delivery service Favor, was previously SVP at RetailMeNot, and also served as a board member at Forager.

Spruce plans to use their Series B funding to expand into new markets, grow the team and continue to deliver on-demand lifestyle services to multifamily residents. They plan to hire extensively on the product, sales and engineering teams, aiming to double their headcount by the end of 2022. To accommodate their growing team, Spruce will be expanding their Austin headquarters, while remaining a fully-distributed company.

Spruce growth has been driven in part by a growing number of individuals continuing to work from home while attempting to juggle child care, elder care, pet care, and everything in between. Spruce see themselves as filling an essential need by taking on housekeeping and chores and giving these people more of an increasingly scarce resource: their time.

Maintaining a clean home requires a great deal of time and effort, as does the vetting process to find help when you need it. Spruce takes care of finding trustworthy Service Pros who are experienced, focused on quality, as well as being vetted, insured, and background checked.

Spruce is proud to say that more than 65% of their local partner companies are women-owned and more than 70% are minority-owned. They provide partner companies with access to their operations management platform and consolidate customer demand for them so that they can operate much more efficiently — which is all the more important in an economically-challenging environment.