The Internet services company known as Angie’s List revamped the brand, revamped its website and launched a new application with the aim of penetrating further into the domestic services sector.
With her new name, Angi wants to smooth the home renovation process, offering consumers a unique platform to connect with contractors, book and make payments. The opportunity has a $ 500 billion addressable market, CEO Oisin Hanrahan told CNBC on Wednesday.
“This is a huge market … It’s all you need to do inside your home,” he said in an “Mad Money” interview. “This is a huge market. It is unbelievably broken.”
The holding company changed its name from ANGI Homeservices to Angi Inc. Its portfolio of services includes HomeAdvisor, Handy, Fixd Repair and HomeStars.
Planning an improvement project can be stressful for the average homeowner, from finding a professional for the job to negotiating prices and finding financing for expensive work. Hanrahan said Angi was designed to help streamline work, allowing consumers to handle everything in one place.
“There is a lot of friction in the purchase process,” said Hanrahan, emphasizing the importance of the customer experience.
Angi said he has 250,000 businesses to rent on his platform, which was used by more than 18 million homes in the U.S. last year.
And with domestic consumers looking to reshape their living conditions in the midst of the pandemic, Angi had double-digit growth in 2020. The company posted about $ 1.47 billion in revenue for the year, an increase of 10.7% compared to 2019.
“If we make this experience incredibly easy, supporting our professionals, giving them a great job, then our customers will keep coming back,” he said. “We will see that we have really changed the category from an incredibly fragmented one to a much more consolidated one.”
Angi’s shares fell 1.74% on Wednesday, closing at $ 16.33 a share.