Hidrent

On-Demand Marketplace for Skilled Labor

Company Information

Website:

https://hidrent.com/

Sector:

Mobile Software & Services

Location:

Prosper, TX

Hidrent is an on-demand marketplace connecting homeowners with skilled laborers.

This company is targeting the $600 billion U.S. market for on-demand home services. Similar companies in this market have achieved notable success. For example:

• Thumbtack, an online service matching customers with local professionals, raised capital last year at a $3.2 billion valuation.

• Handy, a similar app for booking cleaning and home services, once held a $500 million valuation, and was acquired by ANGI, a larger competitor, in October 2018.

• And TaskRabbit, an online marketplace enabling homeowners to request help with household tasks, was acquired by IKEA in 2018.

Hidrent, however, is taking a unique approach to disrupting this market. It’s the only service marketplace that uses off-duty firefighters to fulfill labor needs.

To understand the reason behind this strategy, consider a major problem many homeowners face:

According to the Better Business Bureau, residential contractor fraud is the top complaint by homeowners. Seniors, in particular, are at high risk with respect to fraud and home improvement scams. They are prime targets.

When it comes to needing repairs done around the house, many homeowners don’t know who to call, much less who to trust. Often, they’re unsure if the price they’re charged is fair. And sometimes, they don’t even know if the repairman has been vetted or is properly qualified.

Hidrent addresses these concerns by putting off-duty firefighters to work. Why firefighters? Simple: trust.

A recent global survey ranked professions according to their level of public trust. Firefighters were considered the most trustworthy, topping the list at 92%.

In the U.S., there are more than 1.2 million firefighters. On average, these men and a women work ten 24-hour shifts each month, leaving them with 20 days off. Hidrent helps connect qualified off-duty firefighters looking for extra work in their community with homeowners in need of skilled labor.

The service works through Hidrent’s mobile app. A homeowner submits a request for help with a project (e.g., installing a light fixture, moving furniture, cleaning gutters), and firefighters on the platform receive a notification. Both parties can then communicate with each other through the app and review details of the project. If the request moves forward, the firefighter completes the project and then gets paid. Hidrent earns 20% of the total job revenue collected, and the average revenue per completed job is $250.

Hidrent launched in 2018 as a regional service in cities including Austin, Dallas, Houston, San Antonio, and Denver. An appearance on the reality TV show “Shark Tank” increased visibility to the company. And thanks to an exclusive partnership with the International Association of Fire Fighters — a labor union representing full-time firefighters and emergency medical personnel in the U.S. and Canada — Hidrent is now a national brand. IAFF represents more than 235,000 firefighters, and Hidrent donates 2% of revenue to the IAFF Foundation.

Hidrent has enabled the completion of more than 4,000 jobs. And the company has generated more than $1 million in revenue since launching. Its investors venture capital fund Capital Innovators.

Team Background

Dmitri Love - Technology Architect

Dmitri has a strong technical background, including experience as a software engineer.

In addition to his role with Hidrent, he is CEO of Bundil, a mobile platform that invests a user’s spare change into cryptocurrencies.

Prior to Bundil, Dmitri was a software engineer for Daystar Television Network, and before that was a front-end web developer for Readingglasses.com, a consumer goods company.

Earlier in his career, he was a software engineer for Slipstream Creative, a computer software company.

He earned a degree in Biochemistry from the University of Arkansas.

Dave Heimbuch - Founder

Dave has extensive experience growing startups. Throughout his career, he’s been involved in more than $1 billion worth of successful startup exits.

He began as Midwest Sales Director for About.com, an early search-based website. From there, he was Manager of Midwest Sales for ValueClick Media, an advertising company.

He then spent two years as Director of Midwest Sales for Photobucket, an image hosting company that was acquired for $300 million. After that, he held the same position at YuMe, a video advertising network.

More recently, Dave was Director of Ad Sales for Shazam, a mobile app for music that was acquired by Apple for $400 million. He then worked for AT&T as a mobile account executive.

Right before starting Hidrent, he was Senior Sales Director for Tapad, an advertising technology company.

He earned a Bachelor’s degree in Business Administration from the University of Nebraska.

Matthew Mullen - Brand Ambassador

Matthew handles any firefighter-related questions for the company. He is an active firefighter who has spent 21 years in Los Angeles.

He earned a Bachelor’s degree in Communications from North Adams State College.

Co-Investors

Capital Innovators

An accelerator providing funding and mentoring to early-stage tech companies. Portfolio includes Viewpoint (a project management company acquired by Trimble in 2018 for $1.2 billion) and TAKO (platform enabling users to run desktop software programs on any mobile device that was acquired by Appollow in 2016).

Raising
$535K
Committed
$12.502K (2%)
Current Valuation
$8.5 million
Min. Investment
$228
Deal Type
Title III
(For all investors)
Offering Type
Equity
Finance History
  • $100K
    2020-02-21
    Unknown
Notable Investors
  • Capital Innovators
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