What is Spruce?
Spruce offers a comprehensive suite of lifestyle services designed to enhance the resident experience within the multifamily industry. Through its user-friendly app, residents can easily book a variety of services, including housekeeping, pet care, laundry, and dry cleaning. By streamlining these essential tasks, Spruce aims to improve convenience and quality of life for apartment dwellers, positioning itself as a key player in the proptech and home services market.
How much funding has Spruce raised?
Spruce has raised a total of $40M across 4 funding rounds:
Other Financing Round
$3M
Other Financing Round
$3M
Series A
$8M
Series B
$26M
Other Financing Round (2019): $3M with participation from Capital Factory companies, Fitz Gate Ventures, Houston Angel Network, and Mercury Fund
Other Financing Round (2019): $3M led by Houston Angel Network, Fitz Gate Ventures, Mercury Fund, and Capital Factory companies
Series A (2020): $8M supported by Sweat Equity Partners and Mercury Fund Limited
Series B (2022): $26M featuring Sweat Equity Partners, Mercury Fund, SoftBank, Fitz Gate Ventures, and Seamless Capital
Key Investors in Spruce
Sweat Equity Partners
Sweat Equity Partners is an entrepreneur-led organization focused on technology-enabled solutions in CleanTech, PropTech and SaaS. Control and non-control investments are made primarily in Seed to Series A rounds. SEP is based in Houston, TX.
Mercury Fund
Mercury Fund is a venture capital firm that invests in early-stage technology companies. They focus on supporting innovative startups with the potential for significant growth and market disruption.
SoftBank
SoftBank Corp. is a major Japanese telecommunications and technology company that provides a wide range of services including mobile communications, fixed‑line telecommunications, internet service provision, sale of mobile devices, and broadband connectivity, while also expanding its role into digital and AI‑enabled infrastructure.
What's next for Spruce?
With the recent Series B financing, Spruce is poised for accelerated growth and market penetration. The substantial capital injection, particularly the strategic investment from major players, signals strong investor confidence in the company's business model and its potential to scale. This funding will likely be directed towards expanding service areas, enhancing technological capabilities of its app, and forging new partnerships within the real estate sector. The company's trajectory suggests a focus on solidifying its position as a leader in resident amenity services.
See full Spruce company page
