INSUBCONTINENT EXCLUSIVE:
Wrench, the Seattle-based on-demand vehicle maintenance and repair service for consumers and fleets, has raised $20 million in its latest
round of financing.The company’s round was led by Vulcan Capital, with additional participation from Madrona Venture Group, Tenaya
Capital and Marubeni Corp.Wrench is one of a growing number of companies using technology to adapt what had previously been
infrastructure-heavy services closer to a more consumer-friendly, convenient business model
Other companies operating in a similar vein (and in automotive) include refueling and car wash on-demand startups, like Filld, Yoshi and
Booster Fuels for gassing up and Spiffy, Wype Washos and Washé for washing.Equipped with diagnostic software that can assess problems with
vehicles based on their owners descriptions, and service trucks that can handle most maintenance and repair work, Wrench meets fleet
operators and consumers at their vehicles to provide servicing and repairs.It’s a model that has attracted some competitors with big
RepairSmith, which operates a similar service out of Los Angeles and San Francisco, is backed by Daimler to provide much the same on-demand
repair services.Given the competition coming into the market, it’s no wonder that Wrench is raising additional capital to expand its
footprint into new markets
The company also said it intends to use the financing to make some key hires.“Busy consumers need a simple scheduling and vehicle
diagnosis system to deliver repair and maintenance services without the hassle of the waiting room,” said Ed Petersen, the company’s
chief executive, in a statement.Wrench has already serviced around 100,000 vehicles, according to Petersen, and all of the company’s
repair and servicing visits come with a 12,000-mile warranty and a vehicle inspection with the results delivered to a customer.“Consumers
are embracing on-demand services that make their lives better
Wrench’s technology-enabled mobile mechanic service saves customers time and money — resulting in high customer satisfaction and
lifetime value,” said Stuart Nagae, director of venture capital at Vulcan Capital
“With more than 270 million vehicles in the United States, the opportunity is enormous.”Wrench has already begun its process of
geographic expansion with the acquisition earlier this year of the Canadian mobile automotive mechanic startup Fiix, which provided mobile
mechanic services to around 80,000 customers across North America.Wrench raised $4 million in its first round of financing, which TechCrunch
