The internet service company known as Angie’s List has rebranded, revamped its website and launched a new app as it looks to further penetrate the home services industry.
Under its new name, Angi wants to smooth out the home renovation process by offering consumers a single platform to connect with contractors, book and make payments. The opportunity has an addressable market of $500 billion, CEO Oisin Hanrahan told CNBC Wednesday.
“This is a huge market … It’s everything you need done inside your home,” he said in a “Mad Money” interview. “This is an enormous market. It’s unbelievably broken.”
The holding company changed its name from ANGI Homeservices to Angi Inc. It’s 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 to figuring out financing for costly work. Hanrahan said Angi was designed to help streamline a job by letting consumers handle everything in one place.
“There’s so much friction in the buying process,” said Hanrahan, putting emphasis on the importance of the customer experience.
Angi said it has 250,000 businesses for hire on its platform, which was used by more than 18 million U.S. households last year.
And with homebound consumers looking to remodel their living situations amid the pandemic, Angi saw double-digit growth in 2020. The company reported about $1.47 billion in revenues for the year, up 10.7% from 2019.
“If we make that experience unbelievably easy by supporting our pros, giving them great work, then our customers will keep coming back,” he said. “We’ll see us really change the category from one that’s incredibly fragmented to one that’s much more consolidated.”
Shares of Angi fell 1.74% on Wednesday to close at $16.33 per share.
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