The net service enterprise regarded as Angie’s List has rebranded, revamped its internet site and released a new app as it looks to more penetrate the home solutions business.
Beneath its new title, Angi wishes to easy out the home renovation process by offering consumers a solitary system to connect with contractors, reserve and make payments. The opportunity has an addressable sector of $500 billion, CEO Oisin Hanrahan informed CNBC Wednesday.
“This is a huge market place … It can be everything you need accomplished within your property,” he claimed in a “Mad Revenue” interview. “This is an great current market. It’s unbelievably damaged.”
The holding company modified its title from ANGI Homeservices to Angi Inc. It’s portfolio of companies involves HomeAdvisor, Handy, Fixd Maintenance and HomeStars.
Setting up an enhancement undertaking can be demanding for the ordinary property owner, from locating a specialist for the position to negotiating costs to figuring out financing for expensive work. Hanrahan mentioned Angi was intended to aid streamline a work by letting customers handle almost everything in a person position.
“There is so a great deal friction in the shopping for course of action,” reported Hanrahan, putting emphasis on the importance of the purchaser knowledge.
Angi stated it has 250,000 enterprises for use on its platform, which was used by a lot more than 18 million U.S. homes final 12 months.
And with homebound individuals wanting to transform their dwelling situations amid the pandemic, Angi noticed double-digit development in 2020. The firm documented about $1.47 billion in revenues for the 12 months, up 10.7% from 2019.
“If we make that working experience unbelievably effortless by supporting our execs, supplying them fantastic function, then our clients will keep coming back again,” he mentioned. “We’ll see us seriously transform the group from one that is incredibly fragmented to one that’s much far more consolidated.”
Shares of Angi fell 1.74% on Wednesday to shut at $16.33 for every share.