The online assistance corporation identified as Angie’s Checklist has rebranded, revamped its internet site and introduced a new app as it seems to be to further penetrate the household services industry.
Less than its new identify, Angi needs to smooth out the home renovation procedure by supplying shoppers a single platform to link with contractors, reserve and make payments. The opportunity has an addressable industry of $500 billion, CEO Oisin Hanrahan explained to CNBC Wednesday.
“This is a large industry … It’s all the things you will need completed inside of your property,” he mentioned in a “Mad Money” job interview. “This is an great market place. It can be unbelievably damaged.”
The holding firm changed its name from ANGI Homeservices to Angi Inc. It really is portfolio of companies contains HomeAdvisor, Helpful, Fixd Repair and HomeStars.
Planning an improvement venture can be stressful for the ordinary home-owner, from discovering a skilled for the job to negotiating costs to figuring out funding for costly get the job done. Hanrahan reported Angi was created to assist streamline a work by allowing customers tackle everything in one position.
“There is so a lot friction in the getting procedure,” claimed Hanrahan, putting emphasis on the value of the shopper working experience.
Angi said it has 250,000 companies for retain the services of on its platform, which was utilized by far more than 18 million U.S. households previous yr.
And with homebound buyers seeking to remodel their living scenarios amid the pandemic, Angi noticed double-digit advancement in 2020. The corporation reported about $1.47 billion in revenues for the year, up 10.7% from 2019.
“If we make that expertise unbelievably effortless by supporting our professionals, providing them terrific operate, then our prospects will retain coming back again,” he mentioned. “We will see us seriously modify the classification from a single that is amazingly fragmented to one particular that is significantly far more consolidated.”
Shares of Angi fell 1.74% on Wednesday to near at $16.33 for every share.