Spruce, a comprehensive provider of hotel-inspired services to the multifamily industry, today announced it has closed a $3 million funding round. Fitz Gate Ventures led the round with Mercury Fund, Capital Factory and the Houston Angel Network also participating.
The invested capital will help Spruce expand its market presence outside of Texas, beginning with Denver. The funding will also enable the company to scale its sales and marketing capabilities and continue development of its software platform.
“We could not be more appreciative of the support from these outstanding investors,” said Ben Johnson, founder and CEO of Spruce. “Since our founding, we have grown aggressively as more and more apartment communities have seen the demand for hotel-inspired services increase dramatically. We look forward to continuing our strategic, rapid growth with this funding that will play an critical role in that expansion.”
Spruce offers a comprehensive array of hotel-inspired services to apartment residents, including:
Pet care (dog walking, pet sitting, etc.)
Laundry and dry cleaning
Spruce is directly involved in the logistics and operations of its local service provider partners. Spruce mandates that all service professionals who represent the brand undergo background checks, meet insurance requirements, complete comprehensive training, demonstrate scheduling processes and meet high quality control standards. Every Spruce service provider is also required to wear Spruce-branded uniforms whenever they visit a Spruce-powered community. If residents have any questions or concerns regarding their service, Spruce has a dedicated national customer service team that provides full-time customer support via text, email and phone directly to residents.
Spruce’s services are used extensively by residents. While conducting a recent analysis of internal data, Spruce found that half of the residents in Spruce-powered apartment communities activate their accounts soon after moving into the community. Typical Spruce customers spend on average $1,000 on Spruce services every year and have a 20 percent to 30 percent greater likelihood to renew their lease.
Spruce increases the appeal of moving into a community it services by offering an average $13,000 in annual move-in credits per community.
Spruce is a comprehensive provider of hotel-inspired services to the multifamily industry. The company currently provides daily chores, housekeeping, pet care, laundry and dry cleaning services to more than 200 select communities owned and/or managed by 13 of the 15 largest Texas apartment companies. Spruce is headquartered at Station Houston, Houston Hub for Tech Startups.