Mobile car repair service Wrench raises $12M to expand nationally, launch corporate benefit program
Wrench is putting its foot on the pedal as the mobile car repair marketplace continues to expand across the U.S. The Seattle startup today announced a $12 million Series B investment round, just two weeks after acquiring a rival startup.
Tenaya Capital led the round, which included participation from Vulcan Capital and Madrona Venture Group, which led the company’s Series A and seed rounds. Total funding to date is more than $17 million.
Founded in 2016, Wrench matches vetted mechanics with those needing their vehicle fixed, without requiring a trip to a dealership or shop. Repairs can be done anywhere from an office parking lot to a downtown parking garage to a customer’s driveway. Wrench facilitates the meeting and makes money off each transaction. It offers a one-year, 12,000-mile guarantee on parts and labor.
The company now operates its service in eight states and major cities including Seattle, Phoenix, Dallas, Austin, Portland, Las Vegas, Los Angeles, San Francisco, and Denver. There are approximately 50,000 vehicles on the Wrench platform with 100 mechanics/technicians across all markets.
Wrench will use the funding to continue launching in new cities and target new customer segments, including small fleets and corporate benefit programs, which allow employers to offer auto repair services to employees.
Wrench says it can save customers as much as 30 percent compared to dealer service repair shops. It estimates the U.S. car repair market to be $70 billion.
Wrench competitors include Your Mechanic and Fiix. Last year, Wrench raised a $4 million Series A round.
Last month, Wrench acquired Otobots, a Chicago-based company that operates a similar marketplace. Most of Otobots’ 26 employees joined Wrench, which now employs 125 people. The Otobots brand will transition to Wrench in the coming months.
Wrench CEO Ed Peterson co-founded Wrench with Doug Stevens and Casey Willis. He and some of his current colleagues founded and sold Intelius, a public record search company, and TalentWise, which does background checks and other screening services.
“Ed and his team have built a service that resonates with consumers, drives repeat uses and ensures that licensed and trusted mechanics not only take care of the vehicle but also clearly communicate with the consumer about work, costs and choices,” Ben Boyer, Tenaya Capital partner who will join the Wrench board, said in a statement.