Oncue Raises $10M in Series A Funding to Revolutionize The Moving Industry
Oncue, the leading software and booking service for the moving industry, has completed a $10 million Series A round of funding. U.S. venture capital firm Rethink Impact led the round, with additional investment from Crosslink Capital, Bowery Capital, Tien Tzuo, CEO of Zuora, and Dave Yarnold, former CEO of ServiceMax.
OAKLAND, Calif., Jan. 26, 2021 /PRNewswire-PRWeb/ -- Oncue, the leading software and booking service for the moving industry, announced today that it has completed a $10 million Series A round of funding. U.S. venture capital firm Rethink Impact led the round, with additional investment from Crosslink Capital, Bowery Capital, Tien Tzuo, CEO of Zuora, and Dave Yarnold, former CEO of ServiceMax. Oncue plans to use the funding to scale nationwide and grow their engineering, product, sales, marketing, and customer success teams.
The COVID pandemic dramatically accelerated the already rapid growth rate of the moving industry in 2020, with no signs of slowing. "Nearly 40 million Americans move each year, and since COVID, nearly half of all Americans report that they are considering moving," said Kate DeWald, Oncue's CEO and co-founder. The number of remote employees is soaring, and more families and businesses are migrating outside of major cities to find affordable housing and operations, driving a record number of relocations throughout the last year. As a result, there has been a surge in new moving companies launching and existing companies expanding their fleets and opening additional branches. This is stretching many moving companies beyond their limits, as they try to juggle sales calls, lead conversion, logistics, operations, and customer support. Oncue's software and booking service automates many of these manual processes, enabling movers to devote more time towards business growth and longevity.
"The $14 billion-plus moving and storage industry is enormous and scaling fast," continued DeWald "yet, little technology innovation has been devoted to this sector over the last decade, leaving moving company owners searching for transformative solutions to meet the skyrocketing demand. We exist to address that need. Oncue provides the most comprehensive, tech-enabled, end-to-end solution for moving companies in the market, whether they are starting up or scaling, to efficiently provide the customer service experience that modern consumers expect."
"Oncue has booked over 80 moves for us in the last 30 days and helped us fill all seven of our moving trucks during Covid," said Teresa Mitchell-Horder of Olde World Movers, an Oncue customer based in Dallas, TX. "Oncue has been a huge contributor to my company becoming a multimillion-dollar business."
"Oncue's game changing technology helps alleviate administrative burdens for local moving companies, which dramatically improves efficiency and helps these small businesses to grow 100% each year, if not more," said Heidi Patel, Managing Partner at Rethink Impact, the largest US- based impact venture capital fund investing in female leaders using tech to create positive impact. "As Oncue expands to the more than 15,000 local moving companies in the U.S., it not only boosts the overall economy but also increases wealth-building opportunities for these predominantly immigrant- and/or minority-owned businesses and their employees."
This most recent round of funding builds on an exceptional year for Oncue, with customer numbers up three-fold over 2020, and a new partnership secured with Thumbtack, an online service for local professionals. This growth has been driven by frequent product releases including a contactless Bill of Lading that has enabled movers and their crews to operate safely during COVID-19. With a world-class U.S.-based sales team, and leading-edge software, moving company owners have seen exceptional results with increases in revenue of up to 400% year-over-year. Additionally, with this new investment, development has already started on innovative new product features including an Oncue Bot and AI tool, as well as financial and payment products.
About Oncue
Founded in 2017, Oncue was designed to help moving company owners spend less time on the phone answering sales calls, so they can free up valuable time to concentrate on business growth. With their innovative software platform and a professionally-trained sales team ready to answer and handle mover calls, Oncue delivers extraordinary results for moving company owners around the country. The company has offices in Oakland, Phoenix, and Toronto. To learn more about Oncue visit https://www.oncue.co/
About Rethink Impact
Rethink Impact is the largest US-based impact venture capital firm with a gender lens that invests in female leaders using technology to solve the world's biggest problems. Rethink Impact believes that the next generation of extraordinary companies (in health, environmental sustainability, education, and economic empowerment) will find success through their relentless pursuit of mission, for the benefit of all communities. For more information visit http://rethinkimpact.com/
Media Contact
Clair Simpson, Oncue, (416) 436 3836, [email protected]
Elyce Ventura, Wise Collective, Inc., 312-505-9756, [email protected]
SOURCE Oncue
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