HOOD’s launch was featured in the Australian Financial Review! Here’s Anthony Macdonald and Yolanda Redrup covering our launch into the Australian market and our plans to expand. Read the full article on the AFR.
Hood is on the move.
The software company that’s created a platform that enables people to easily manage the utilities and services needed when moving to a new house has secured a $16 million facility to support its local growth.
Hood helps Australians move house.
Co-founded by former chief executive of DirectConnect (which is now owned by Snowy Hydro) Paul Docherty, wants to improve the overall moving experience, also linking suppliers and local businesses with customers moving house.
Its premise is similar to that of former ASX-listed home relocation stock Updater, which de-listed in September 2018 and then achieved a $1 billion valuation in a private funding round 15 months later.
While Updater was listed on the ASX, it did not service the Australian market.
HOOD is majority owned by Docherty and his co-founders, but counts Docherty’s BRC Group, SB Myer, Lyndsey Cattermole and Pat Davies (former CEO of EBOS) as minority investors.
The new funding follows the company’s acquisition of moving home aggregator Foxie, which gave Hood a platform that easily plugs into estate agents as well as immediate scale in the market.
HOOD has a partnership with Silicon Valley law firm Cooley and it plans to launch in California in the near future, after delaying its US plans due to the COVID-19 pandemic.
When it makes the move to the US, it will directly compete with Updater, which now facilitates more than 25 per cent of US household moves each year.
Considering itself a profit-for-purpose business, HOOD donates $50 per move it facilitates to Mission Australia.