Wrench (company)
Wrench is an American company that provides mobile automotive inspection, maintenance and repair services to private vehicle owners and businesses with Fleet vehicle at their location, such as their home or office.[1][2]
The privately held Startup company was co-founded by CEO Ed Petersen and four partners in 2015, and is headquartered in Seattle, WA.[3]
History
2015: CEO Ed Petersen and four partners co-founded Wrench.[3]
2016: $1.2 million in seed funding was raised.[4]
2017: Wrench partnered with Lyft to perform vehicle inspections.[5][6]
2017: $4 million in Series A funding was raised.[7]
2018: Wrench partnered with Carvana to handle the service side of the Carvana app.[8][9]
2018: Wrench acquired Otobots, a competing mobile auto repair business.[10][11]
2018: $12 million in Series B funding was raised.[12]
2019: Wrench partnered with Chris Jacobs (television host) to be the new Wrench spokesperson.[13][14]
2019: Wrench partnered with Vantage Mobility International to perform maintenance and repair services.[15][16]
2019: Wrench acquired Fiix, another mobile auto repair competitor.[17][18]
2019: $20 million in Series C funding was raised.[19][18]
2020: Wrench partnered with Tirescanner to offer mobile tire installation on fleet vehicles.[20][21]
2020: Wrench partnered with Kandi Technologies to perform warranty repairs.[22]
2020: Wrench acquired Lemon Squad, an auto inspection company.[23][24]
2021: Wrench partnered with Bridgestone Americas to couple brick-and-mortar repair facilities with mobile repair.[25][26][27]
2022: Wrench acquired YourMechanic, Wrench's primary mobile auto repair competitor.[9][28][29]
Investors
Seeding Round
In 2016, $1.2 million in seed funding was raised. Madrona Venture Group and Rudy Gadre were the lead investors.[4]
Series A Round
In 2017, $4 million in Series A funding was raised which brought the total funding to $5.3 million. Madrona Venture Group was the lead investor. Other participants included Rudy Gadre, Ching-Ho Fung, Kirby Winfield, Kevin Marcus and Vashon Partners.[7]
Series B Round
In 2018, $12 million in Series B funding was raised which pushed the total funding over $17 million.[12]
Series C Round
In 2019, $20 million in Series C funding was raised. Vulcan Capital was the lead investor. Other participants included Madrona Venture Group, Tenaya Capital and Marubeni|Marubeni Corporation.[19]
Corporate Funding Round
In 2021, Bridgestone Americas announced a 10% minority investment in Wrench; the stake amount was not disclosed.[26][27]
Business Acquisitions
Otobots
On September 20th, 2018, Wrench acquired Otobots, a competing mobile auto repair business based out of Chicago.[10][11][9] The acquisition would be the first of many in an effort to expand the company's services nationwide.[11] Over the course of three months, Otobots' website was integrated into the Wrench platform and most of the 26 employees joined the Wrench team.[10][11]
Fiix
On October 1st, 2019, Wrench acquired Fiix, another mobile auto repair competitor[6][12] based out of Toronto.[17][18][9] The acquisition sought to tap into Fiix' customer base (which included fleet partnerships with Uber and Share Now|car2go) as well as further the company's nationwide expansion efforts.[17][19][30][18][9]
Lemon Squad
On September 15th, 2020, Wrench acquired Lemon Squad, an auto inspection company based out of Minnesota.[23][24] The acquisition targeted inspections to broaden the company's service offerings across the lifespan of a vehicle; from pre-purchase to repair.[23][24] As part of the deal, Andy Dabbs, the president and CEO of Lemon Squad, joined Wrench as general manager of inspection along with his team of inspectors.[23]
YourMechanic
On June 2nd, 2022, Wrench acquired YourMechanic, a mobile auto repair company based out of Mountain View, California.[28][29] Having been formed in 2012, YourMechanic was a more mature company and considered to be Wrench's primary competitor.[9] Through the acquisition, mechanics across 30 states were attributed to Wrench which increased the company's service area by about 40%.[28][29]
References
- ↑ Smith, Kevin (2018-08-08). "Wrench brings its door-to-door auto repair service to greater LA". Daily News. Retrieved 2023-02-07.
- ↑ Schlosser, Kurt (2016-09-21). "Seattle startup Wrench ready to crank on its expansion plan as on-site car repair proves a big hit". GeekWire. Retrieved 2023-02-02.
- ↑ 3.0 3.1 "Scott Nagel, President of Redfin, Joins Wrench, Inc. Board of Directors". www.prnewswire.com. 2019-04-02. Retrieved 2023-02-08.
- ↑ 4.0 4.1 Levy, Nat (2016-06-21). "Wrench brings car mechanics to the consumer, raises $1.2M in funding". GeekWire. Retrieved 2023-02-02.
- ↑ Fickes, Andrew (2017-01-04). "Bright Idea: Mechanics Making House Calls". Seattle Business magazine. Retrieved 2023-02-03.
- ↑ 6.0 6.1 Kolodny, Lora (2017-03-28). "Wrench raises $4 million to bring auto repairs to your door". TechCrunch. Retrieved 2023-02-03.
- ↑ 7.0 7.1 Soper, Taylor (2017-03-28). "'Uber for car repair' startup Wrench raises $4M for service that brings a mechanic to your vehicle". GeekWire. Retrieved 2023-02-02.
- ↑ Van Abbema, Alex (2018-07-23). "Q&A: Mobile Repair Giant Wrench Discusses Growth Plan". www.ratchetandwrench.com. Retrieved 2023-02-07.
- ↑ 9.0 9.1 9.2 9.3 9.4 9.5 Levy, Nat (2019-11-07). "Wrench raises $20M to ratchet up growth of tech-powered car repair platform". GeekWire. Retrieved 2023-02-08.
- ↑ 10.0 10.1 10.2 Soper, Taylor (2018-09-20). "Wrench acquires rival Otobots to expand mobile car repair service nationwide". GeekWire. Retrieved 2023-02-07.
- ↑ 11.0 11.1 11.2 11.3 "Wrench Acquires Major Mobile Repair Competitor". www.ratchetandwrench.com. Retrieved 2023-02-07.
- ↑ 12.0 12.1 12.2 Soper, Taylor (2018-10-01). "Mobile car repair service Wrench raises $12M to expand nationally, launch corporate benefit program". GeekWire. Retrieved 2023-02-07.
- ↑ "Chris Jacobs of MotorTrend Announced as New Wrench, Inc. Spokesperson". www.prnewswire.com. 2019-01-24. Retrieved 2023-02-07.
- ↑ Thorne, James (2019-01-24). "Tech Moves: Convoy soaks up big tech talent; Discovery taps Amazon exec to lead new Seattle office; and more". GeekWire. Retrieved 2023-02-07.
- ↑ "Vantage Mobility International Introduces Its VMI Assurance™ Program". www.vantagemobility.com. 2019-06-04. Retrieved 2023-02-08.
- ↑ Overman, Debbie (2019-06-05). "VMI Introduces Roadside Assistance for Wheelchair Vehicle Users". Rehab Management. Retrieved 2023-02-08.
- ↑ 17.0 17.1 17.2 Soper, Taylor (2019-10-01). "Mobile car repair startup Wrench acquires another competitor, swooping up Fiix". GeekWire. Retrieved 2023-02-13.
- ↑ 18.0 18.1 18.2 18.3 "Wrench Announces $20M Series C Funding Round". Fleet Management Weekly. 2019-11-10. Retrieved 2023-02-08.
- ↑ 19.0 19.1 19.2 Vedantam, Keerthi (2019-11-07). "Wrench, Seattle mobile car-repair company, raises $20M to fuel expansion". The Seattle Times. Retrieved 2023-02-08.
- ↑ Schlosser, Kurt (2020-07-22). "Mobile auto repair startup Wrench 'thriving' amid pandemic, especially with work on fleet vehicles". GeekWire. Retrieved 2023-02-08.
- ↑ Sickels, David (2020-07-22). "Tirescanner, Wrench to provide mobile tire installation for fleets". www.fleetequipmentmag.com. Retrieved 2023-02-08.
- ↑ "Kandi America Partners With Wrench". aftermarketNews. 2020-08-17. Retrieved 2023-02-08.
- ↑ 23.0 23.1 23.2 23.3 Schlosser, Kurt (2020-09-15). "Mobile car repair startup Wrench acquires Lemon Squad to boost its vehicle-inspection services". GeekWire. Retrieved 2023-02-10.
- ↑ 24.0 24.1 24.2 "Wrench Acquires Lemon Squad to Expand Full-Service Automotive Offerings". www.prnewswire.com. 2020-09-15. Retrieved 2023-02-13.
- ↑ "Bridgestone Makes Strategic Investment in Wrench Mobile Vehicle Services and Technology Company". www.bridgestoneamericas.com. 2021-09-15. Retrieved 2023-02-10.
- ↑ 26.0 26.1 Gottsegen, Gordon (2021-09-15). "Tire Company Bridgestone Invests in Mobile Mechanic Startup Wrench". www.builtinseattle.com. Retrieved 2023-02-10.
- ↑ 27.0 27.1 Schubert, Charlotte (2021-09-15). "Auto care giant Bridgestone invests in Seattle mobile car repair startup Wrench". GeekWire. Retrieved 2023-02-10.
- ↑ 28.0 28.1 28.2 "Wrench Acquires Mobile Vehicle Repair Network YourMechanic". www.prnewswire.com. 2022-06-02. Retrieved 2023-02-10.
- ↑ 29.0 29.1 29.2 Soper, Taylor (2022-06-02). "Mobile car repair startup Wrench acquires another competitor, swoops up YourMechanic". GeekWire. Retrieved 2023-02-10.
- ↑ Shieber, Jonathan (2019-11-07). "Wrench's on-demand vehicle repair and maintenance service picks up $20 million". TechCrunch. Retrieved 2023-02-08.
External links
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