Morristown, N.J.-based vipHomeLink Holdings, which has developed a SaaS platform for homeowners, has completed a private funding round. According to Crunchbase, the company has raised $8.8 million so far.
Besides private investment from both existing and new investors, vipHomeLink said it received funding from the New Jersey Economic Development Authority (NJEDA) under its Angel Match Program. The program, part of the federal State Small Business Credit Initiative, funds innovative, emerging technology companies located in New Jersey.
“We are grateful for the continued support from our private investors, and excited to welcome the NJEDA as a new investor,” said CEO Alfred Bentley, a 13-year IBM veteran who, with Geoff Martin, co-founded the company.
“This additional capital will allow us to accelerate our growth, expand our platform capabilities, attract additional highly skilled talent to our N.J. headquarters, and expand our business into additional segments beyond our core insurance technology focus,” said co-founder and president Martin, a corporate finance veteran.
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Founded in 2018, vipHomeLink runs a mobile app that helps homeowners manage their routine tasks, with custom reminders and other features. The company says its solution simplifies homeownership, drives better home maintenance, and improves home safety. It markets its platform to insurance companies and other corporate partners who, by driving engagement with homeowners, drive down insurance claims.
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In 2021, vipHomeLink acquired My Home Expert, a home maintenance firm in Chicago, for an undisclosed amount. My Home Expert offers flexible, and virtual, annual home checkups. The company terms them a “physical” for a house and says it helps homeowners minimize unplanned expenses and eventually protect, and enhance, the value of their homes.
“By acquiring My Home Expert, which became a strategic partner of ours in 2020, vipHomeLink will be able to offer their differentiated preventative home consultations on a much broader scale,” Bentley said after the acquisition. “We can help homeowners catch and address issues in the home before they become costly repairs.”