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"For the past year, HomeSphere has been evaluating expansion opportunities," noted Jim Waldrop, HomeSphere CEO and chairman. "Greenhill SAVP's backing will allow us to expand the company's footprint to include additional markets within the construction sector."
The investment illustrates Greenhill SAVP's emphasis on backing technology-enabled services companies with potential for growth. As a result of the transaction, Brian Hirsch of Greenhill SAVP, will join the HomeSphere board of directors.
"As a bottom-line solution, HomeSphere continues to grow despite a lagging market because it provides manufacturers and builders with value-added services and access to new markets," said Brian Hirsch, Managing Director, Greenhill SAVP. "HomeSphere has a real opportunity to change the paradigm of the residential and commercial construction industries."
More than 70 Fortune 1000 brands, such as GE Appliances, The Sherwin- Williams Company and CertainTeed, utilize HomeSphere's network to access hard- to-reach mid-tier homebuilders, who represent a market with steady growth projections. On the other side of the supply chain, more than 1,300 mid-tier residential homebuilders have the benefit of connecting to the 70 Fortune 1000 brands. HomeSphere has recently added remodeling contractors and consumers to its list of customers through its acquisition of BestContractors.com.
"Over the past ten years we have developed a winning business model that adds value by connecting supply chain partners despite the fragmentation of the industry," noted Glenn Renner, president of HomeSphere. "We believe Greenhill SAVP's investment will allow us to rapidly increase our competitiveness and add value to our customers ahead of any rebound in the new residential construction market."
This is the first funding round for the privately held company since 2002 when it raised a Series C round led by Sequel Venture Partners of Boulder, Colorado.
About HomeSphere
Colorado-based HomeSphere offers supply chain services that combine Web- based technology and market intelligence to increase profitability for the construction industry. Today more than 1,300 homebuilders and over 70 brands use HomeSphere's Web portal to connect, collect and compete. Please visit HomeSphere at http://www.homesphere.com for more information.
About Greenhill SAVP
With over $100 million under management, Greenhill SAVP makes early stage venture investments in technology-enabled services and business information services companies. Prior fund manager investments include LivePerson, OpenWave Systems, YellowJacket (acquired by the Intercontinental Exchange), UGONetworks (acquired by Hearst Corporation), and KnowledgeStorm (acquired byTechTarget).
Greenhill SAVP is an affiliate of Greenhill & Co., Inc. (NYSE: GHL), an independent global investment banking firm with offices in New York, London, Frankfurt, Toronto, Tokyo San Francisco, Dallas and Chicago. Greenhill SAVP leverages its deep domain expertise, a proven investment track-record, and a global corporate network to create significant portfolio value. For more information about Greenhill SAVP, please visit http://www.gsavp.com.
SOURCE HomeSphere, Inc.
http://www.homesphere.com
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