You rely on the Internet. If you don’t rely on it directly, you are probably relying on someone else who does. If it plays such a big part of your business and family life, why shouldn’t there be people dedicated to help you with your tech support regardless of the nature of the problem? HelloTech, the company that solves all of your home tech questions and issues, has thankfully received funding, and is that much more equipped to provide top of the line tech support. Additionally, with their per hour cost you can avoid being nickel and dimed and keep giving them devices to inspect until that hour is up.
Today, gives us the long and short of this company’s recent funding and where they see upcoming growth.
Who were your investors and how much did you raise?
Our most recent round was for $12.5M and closed in Septmeber 2015. The lead investor was Madrona. All other major investors from our Seed Round also invested in this round. The Seed round totaled $4.5M, so $17M to date. Key investors in the seed round included Upfront Ventures, Crosscut Ventures and Amplify.LA
Tell us about your product or service.
As technology has become more and more pervasive in the home we have moved well beyond just having a desktop computer or laptop computer connected to the Internet. Many homes today have 10+ Internet connected devices including smartphones tablets, TV’s, thermostats and music systems. With this increase the potential support issues the average home is having is on the upswing. HelloTech offers in home in demand tech support to help with any of the issues that need fixing in the new modern Internet connected home. We guarantee service within 24 hours and often can provide same day service.
What inspired you to start the company?
The three founders of the company all had a similar experience where they were the go to people for support from their parents, their neighbors and their friends. They recognized they were not the only ones in this situation and as a result founded HelloTech to address this growing need.
How is it different?
Compared to the Geeksquad, HelloTech offers better service, in real time, for less money. HelloTech vets, background checks, and tests its techs most of whom are college students. This generation of students has a strong understanding of new technology. HelloTech also targets customers who are 50 and over many of whom are now empty nesters and used to rely upon their children for support before their children moved out
What market you are targeting and how big is it?
The consumer tech support market in the US for home technical support is estimated to be $20B annually.
What’s your business model?
Currently its simple hourly pricing of $79/hour, soon there will be subscription packages.
What was the funding process like?
The co-founder and CEO have an extensive background in startups and venture capital and as such the funding process for both rounds has been quite smooth and expedited.
What factors about your business led your investors to write the check?
There is an existing growing market of $20B as well as leveraged on demand economy and have good initial growth and repeat use.
What are the milestones you plan to achieve in the next six months?
As a private company we don’t share this data though a key focus will be expansion into cities beyond Los Angeles.
What advice can you offer companies in Los Angeles that do not have a fresh injection of capital in the bank?
Now is an excellent time to be raising capital. If you are raising up to 5M -7M such a raise can happen in Los Angeles however if you are raising more than 10M you usually need to go to the bay area or other investment hubs.
Where do you see the company going now over the near term?
Perfecting consumer acquisition and expansion into new markets.
What’s your favorite la bar, when you need to kick back and relax?
Rooftop hotel Erwin Venice