CPE News (1/12/2021) – Jobber has announced the closing of US $60 million growth equity round led by Summit Partners with participation from Jobber’s existing investors OMERS Ventures and Version One Ventures, and new investor Tech Pioneers Fund.
Jobber intends to use new funding to support continued investment in R&D, hiring, customer acquisition, and to further accelerate the company’s rapid growth.
Founded by Sam Pillar and Forrest Zeisler, Edmonton, Alberta based Jobber is a leading provider of home service management software.
photo credit: Jobber
Jobber Raises $60M USD to Help Small Home Service Businesses Modernize Their Operations, Increase Earning Potential and Exceed Consumer Expectations
Summit Partners leads investment to fuel product development and accelerate go-to-market
January 12, 2021 07:00 AM Eastern Standard Time
TORONTO & MENLO PARK, Calif.–(BUSINESS WIRE)–Jobber, a leading provider of home service management software, today announced a $60 million USD growth equity round led by global growth investor Summit Partners. The round includes participation from Jobber’s existing investors OMERS Ventures and Version One Ventures, as well as first-time participation from Tech Pioneers Fund. This growth financing will support continued investment in R&D, hiring, customer acquisition, and will help to further accelerate the company’s rapid growth.
Jobber offers an all-in-one SaaS and mobile solution built to serve as the command center for small home service businesses. The company’s platform is designed to manage the full customer lifecycle – from generating proposals and sending quotes to scheduling crews, dispatching jobs, invoicing customers and accepting in-person or electronic payments. More than 100,000 service professionals in 47 countries across 50 service segments rely on Jobber to keep their jobs on track, automate workflows and communicate with customers.
“We founded Jobber with a mission to help small businesses and the people behind them be successful,” said Sam Pillar, CEO and co-founder of Jobber. “Home service businesses are facing ever-increasing consumer expectations for a more seamless, digital experience while at the same time working to meet unprecedented demand. We are proud of the positive impact the Jobber platform has had on so many small businesses and the service professionals who lead them. We’re excited to be partnering with Summit as we continue to pursue our mission and build on Jobber’s leadership position in the home service category.”
Digital Transformation in Home Service
There has been a tremendous shift in technology adoption among service professionals in recent years fueled by increasing consumer expectation for a seamless, transparent, technology-enabled service experience.
“Consumers today expect businesses to be highly responsive and to interact digitally,” explained Forrest Zeisler, CTO and co-founder of Jobber. “They want to book services online, pay with the click of a button, have automated reminders and more. If they need something fixed, customers want information in real-time, to know the name of the technician and when they will arrive.”
Colin Mistele, Principal at Summit Partners, has joined Jobber’s Board of Directors. “We believe the home service category is in the early stages of a significant digital transformation – and Jobber is paving the way for thousands of small and mid-sized services businesses that are working to incorporate digital tools in order to keep pace with customer expectations,” said Mistele. “The Jobber team blends strong product vision, data-driven market perspective and a customer-centric approach – a powerful combination that we believe will support the company’s continued rapid growth. We are thrilled to partner with the Jobber team – and we are excited about the future of this category.”
Large Market, Unprecedented Demand
There are approximately five million small and medium-sized home service businesses in the United States, which contribute more than $550 billion to the economy each year.* While many small businesses faced significant challenges during the COVID-19 pandemic, the home service category – including lawn care, plumbing, HVAC, electrical contracting and other segments – has demonstrated remarkable resilience, benefiting from renewed consumer interest in improving and investing in home living spaces. Jobber’s latest quarterly Home Service Economic Report, which includes data from over 100,000 service professionals, finds that median revenue across home service businesses increased 23% year-over-year in December 2020, while newly scheduled work also saw an increase over 2019.
The trend towards digital adoption in home service was gaining momentum prior to COVID-19 and the pandemic has accelerated it. Jobber’s SaaS and mobile solutions help service professionals to navigate and operate in a touchless world. They can communicate with customers electronically, send quotes and invoices and accept payments online, supporting a clear long-term shift away from cash and checks towards “cashless” credit and debit transactions. Jobber Payments, the company’s payment processing solution, saw more than 80% growth in volume in 2020 and has now processed over $1.7 billion in transactions.
The strength of the home service category, digital transformation, and the company’s rapid, capital efficient growth have helped Jobber increase its new recurring revenue by 90% in 2020. The company added nearly 100 new hires last year, growing its overall workforce to more than 250 people and plans to hire an additional 200 team members in the next 12 months. Jobber is headquartered in Edmonton, Alberta, operates a second office in Toronto, Ontario, and has recently started hiring remote talent. The company has earned recognition for its rapid growth, strong corporate culture, innovative product, and record of strong customer service.
TD Securities Inc. served as an advisor to Jobber.
Jobber is an award-winning business management platform for small home service businesses. Unlike spreadsheets or pen and paper, Jobber keeps track of everything in one place and automates day-to-day operations, so small businesses can provide 5-star service at scale. Jobber’s 100,000+ home service professionals have served over 12 million households in more than 47 countries. The company continually ranks as one of Canada’s fastest-growing and most innovative companies by Canadian Business and Macleans, The Globe and Mail, Fast Company, and Deloitte. For more information, visit: https://getjobber.com/.
ABOUT SUMMIT PARTNERS
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $23 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare and other growth industries. These companies have completed more than 160 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
* Numbers based on Jobber’s market research, the latest U.S. Census, and IBIS World
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