Software startup UtilizeCore raised $5.3 million off this sleek pitch deck to help property managers with mundane tasks like hiring janitors and plumbers
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- Service management software firm UtilizeCore said Tuesday that it raised $5.3 million in funding.
- The company makes tech tools to help automate landlord requests for maintenance and repair services.
- UtilizeCore’s three cofounders walked Insider through the pitch deck the company used.
UtilizeCore, a tech platform that helps property managers and landlords manage services like plumbers and janitors, announced today that it raised a $5.3 million venture round. The round was led by Boldstart Ventures and included participation from S12F, Mantis VC and some strategic investors.
This is the first outside funding raised by the company, which first launched under a different name in 2016 before launching its current platform in March of 2020. The company did not disclose its valuation.
The company sells software to service management companies, the brokers that sit between property managers and landlords and the myriad of different contractors from electricians to snow-removal companies that they need to maintain their properties.
Ryan Gottfried, CEO and cofounder of UtilizeCore, described the old-school process of hiring such a contractor.
Service management companies typically take a request from a property through a phone call, and then flip through their Rolodex of subcontractors, calling around to find a provider who can accept the work order.
“Service management companies traditionally operate like a call center,” Gottfried said.
This decidedly low-tech operation is typically tracked across Excel spreadsheets, phone calls, and even fax machines, according to Jason Kwait, co-founder and president. Unsurprisingly, Kwait said, this lead to missing and siloed data, projects being entered more than once, and delayed payment timelines.
UtilizeCore digitizes the whole process. If a landlord needs an office building parking lot plowed after a snowstorm, it’s able to input its request directly into UtilizeCore’s app. The request flows through the service manager, and then goes directly to the snowplow company. The landlord can then track the request as it happens on the app, even tracking the location of the plow as it goes out for the job, and then the subcontractor can mark the job complete. The app then helps to manage billing and payment, automating as much of the process as possible.
The company started out by making tech tools for one of the largest snow-removal companies in the world, Gottfried said, before realizing that landlords and property managers wanted more control of and transparency for the convoluted and dated service management process that they use to hire snow removers in the first place.
As a result, they decided to build software tools for the service management companies instead in order to give them an advantage when working with landlords and property managers. UtilizeCore operates a typical software-as-a-service (Saas) revenue model, charging these companies for access to its platform.
Both the actual landlords and any of their subcontractors can use the platform for free. They have the opportunity to browse different service providers, whereas before they would have to rely on their own service manager’s contact list.
“We’ve taken a similar approach to what LinkedIn did to individuals,” Gottfried said. “We built a profile for all contractors and service providers that lays out their trades, the services that they perform, how long they’ve been in business, and other important information.”
For the service providers — the snow-removal companies, plumbers, janitors, etc. — the draw is simpler. When service management companies switch over to UtilizeCore, they usually mandate that all of the service providers follow them. These service providers, which can be quite low-tech, are then able to manage their entire workflow through the mobile app.
The company expects their service management clients to stick around for a long time.
“Once they’re on it, we manage their whole business,” Kwait said. “We’re hard to rip and replace because we capture every single interaction.”
Some of its customers and clients saw major increases in demand because of the pandemic, especially janitors who had to keep spaces cleaner than ever before.
Gottfried, Kwait, and Johnny Zhu, the startup’s cofounder and COO, walked Insider through the pitch deck they used to raise their first round.