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The internet service company known as Angie’s List has renamed, revamped its website and launched a new app with the goal of further penetrating the home service industry.
Under her new name, Angi wants to make the home improvement process easier by providing consumers with 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 on Wednesday.
“It’s a huge market… It’s all you need to do inside your home,” he said in an interview with “Mad Money”. “It’s a huge market. It’s incredibly broken.”
The holding company changed its name from ANGI Homeservices to Angi Inc. Its service portfolio includes HomeAdvisor, Handy, Fixd Repair and HomeStars.
Planning an improvement project can be stressful for the average homeowner, whether it’s finding a professional for the job, negotiating prices, or finding financing for expensive jobs. Hanrahan said Angi was designed to help streamline a job by allowing consumers to manage everything in one place.
“There is so much friction in the buying process,” Hanrahan said, emphasizing the importance of the customer experience.
Angi said it has 250,000 businesses for rent on its platform, which was used by more than 18 million American homes last year.
And with homebound consumers looking to reshape their living conditions amid the pandemic, Angi saw double-digit growth in 2020. The company reported around $ 1.47 billion in revenue for the year. , up 10.7% compared to 2019.
“If we make this experience incredibly easy by supporting our pros, giving them a great job, then our customers will keep coming back,” he said. “We will really see ourselves changing the category from an incredibly fragmented category to a much more consolidated category.”
Angi shares fell 1.74% on Wednesday to close at $ 16.33 per share.
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