About Spruce
Spruce is a company based in Austin (United States) founded in 2015 by Ben Johnson. It operates as a On-Demand Services, and Two-Sided Marketplace. Spruce has raised $39 million across 4 funding rounds from investors including SoftBank, Sweat Equity Partners and Mercury Fund. Spruce has completed 1 acquisition, including The Minte. Spruce offers products and services including Housekeeping, Chores, and Turnover Management. Spruce operates in a competitive market with competitors including Thumbtack, Urban Company, Amenify, Schedulicity and Hidrent, among others.
- Headquarter Austin, United States
- Founders Ben Johnson
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Sectors
Business Services
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Email
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Phone
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Website
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Social
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- Legal Name Spruce Services, Inc.
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Products & Services of Spruce
Spruce offers a comprehensive portfolio of products and services, including Housekeeping, Chores, and Turnover Management. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Whole-house cleans and single room requests are provided.
Small tasks like laundry and organizing are handled.
Full-service turnover management for rental properties is offered.
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Senior Team
2 people
Leadership Team
1 people
Operations Team
1 people
Board Team
1 people
Chairman Team
1 people
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Funding Insights of Spruce
Spruce has successfully raised a total of $39M across 4 strategic funding rounds. The most recent funding activity was a Series B round of $26 million completed in July 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Series B — $26.0M
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First Round
First Round
(01 Jun 2018)
- Investors Count 9
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2022 | Amount | Series B - Spruce | Valuation | Sweat Equity Partners | |
| Sep, 2020 | Amount | Series A - Spruce | Valuation | Mercury Fund | |
| Jul, 2019 | Amount | Seed - Spruce | Valuation | Fitz Gate Ventures |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Spruce
Spruce has secured backing from 9 investors, including venture fund and institutional investors. Prominent investors backing the company include SoftBank, Sweat Equity Partners and Mercury Fund. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Private equity investments are made for buyouts and expansions.
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Founded Year | Domain | Location | |
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Early-stage investments are directed toward US, India, and Canada firms.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Spruce
Spruce has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include The Minte. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Housekeeping and cleaning services for residential properties are offered.
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2017 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Spruce
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
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| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Spruce Comparisons
Competitors of Spruce
Spruce operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Thumbtack, Urban Company, Amenify, Schedulicity and Hidrent, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
App based platform to connect users with local service professionals
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| domain | founded_year | HQ Location |
Customers are connected with vetted professionals for on-demand home services.
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| domain | founded_year | HQ Location |
Provider of housekeeping services for multi-family apartments
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| domain | founded_year | HQ Location |
Local services are booked via an online scheduling platform.
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| domain | founded_year | HQ Location |
Local services marketplace connects users with professionals online.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Spruce
Frequently Asked Questions about Spruce
When was Spruce founded?
Spruce was founded in 2015 and raised its 1st funding round 3 years after it was founded.
Where is Spruce located?
Spruce is headquartered in Austin, United States. It is registered at Austin, Texas, United States.
Is Spruce a funded company?
Spruce is a funded company, having raised a total of $39M across 4 funding rounds to date. The company's 1st funding round was a Seed of $3M, raised on Jun 01, 2018.
What does Spruce do?
Spruce is involved in offering on-demand home services through a mobile app. Services such as housekeeping, small chores, and turnover management for rental properties are provided. The company connects residents, property managers, and service professionals within high-end communities. Background-checked and insured professionals are utilized to ensure trust and quality. Operations are focused on enhancing resident satisfaction and supporting property renewal rates.
Who are the top competitors of Spruce?
Spruce's top competitors include Urban Company, Thumbtack and Schedulicity.
What products or services does Spruce offer?
Spruce offers Housekeeping, Chores, and Turnover Management.
How many acquisitions has Spruce made?
Spruce has made 1 acquisition, including The Minte.
Who are Spruce's investors?
Spruce has 9 investors. Key investors include SoftBank, Sweat Equity Partners, Mercury Fund, Fitz Gate Ventures, and Seamless.
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