The web service firm identified as Angie’s List has rebranded, revamped its web site and launched a new app as it appears to be like to additional penetrate the home services trade.
Under its new title, Angi needs to easy out the home renovation course of by providing shoppers a single platform to attach with contractors, e book and make funds. The alternative has an addressable market of $500 billion, CEO Oisin Hanrahan instructed CNBC Wednesday.
“This is a huge market … It’s everything you need done inside your home,” he stated in a “Mad Money” interview. “This is an enormous market. It’s unbelievably broken.”
The holding firm modified its title from ANGI Homeservices to Angi Inc. It’s portfolio of services consists of HomeAdvisor, Handy, Fixd Repair and HomeStars.
Planning an improvement undertaking could be hectic for the common house owner, from discovering a skilled for the job to negotiating costs to determining financing for pricey work. Hanrahan stated Angi was designed to assist streamline a job by letting shoppers deal with all the things in a single place.
“There’s so much friction in the buying process,” stated Hanrahan, placing emphasis on the significance of the client expertise.
Angi stated it has 250,000 companies for rent on its platform, which was utilized by greater than 18 million U.S. households final yr.
And with homebound shoppers seeking to transform their dwelling conditions amid the pandemic, Angi noticed double-digit development in 2020. The firm reported about $1.47 billion in revenues for the yr, up 10.7% from 2019.
“If we make that experience unbelievably easy by supporting our pros, giving them great work, then our customers will keep coming back,” he stated. “We’ll see us really change the category from one that’s incredibly fragmented to one that’s much more consolidated.”
Shares of Angi fell 1.74% on Wednesday to shut at $16.33 per share.