Increased financial resources to fuel the expansion of the industry-leading Home Comfort-as-a-Service program, increasing accessibility to energy-efficient home comfort
BETHESDA, MD., November 17, 2022 /PRNewswire/ — Service 1st Financial, LLC (“Service 1st” or the “Company”), a leading financial technology, innovation and training company serving residential home service providers , today announced the initial closing of its Series B co-funding led by S2G Ventures. The Company concurrently closed a subordinated debt facility also led by S2G Ventures. In total, Service 1st secured new capital commitments of more than $20 million. In 2019, Service 1st was incubated by Founder and CEO, Anuj Khannaand Thayer Street Partners with the aim of transforming the way home comforts are bought and sold into United States.
With heating, cooling and plumbing system replacement costs continually rising, Service 1st’s Premier Program® offers homeowners a hassle-free service to replace and upgrade their home comfort systems. For a low, predictable monthly payment, homeowners receive the latest energy-efficient equipment, while eliminating the common problems associated with owning, maintaining and repairing such systems. The Premier program® aligns with the Company’s commitment to advancing sustainability by promoting faster replacement of old and inefficient systems, encouraging consumers to upgrade to high-efficiency systems, and ensuring these systems are properly maintained .
The company has formed strategic partnerships with leading, sustainability-focused Original Equipment Manufacturers (OEMs), reputable contractor success groups and best-practice training organizations, and contractors from leading home services that play a vital role in improving accessibility to climate-smart and energy-efficient home comfort solutions.
“Advancing sustainability in the home comfort sector requires both new technologies and new business models capable of deploying these technologies at scale. While the vast majority of the sector’s resources are devoted to technological innovation, Service 1st addresses the need to catalyze business model innovation to make these technologies more widely available to consumers,” said Anuj Khanna, Founder and CEO of Service 1st. “We have established ourselves as the only independent provider of comprehensive Home Comfort-as-a-Service residential rental programs on the market and look forward to playing our part in helping to decarbonize the home comfort industry in the years to come. .”
Service 1st will leverage this funding to rapidly scale the company through nationwide geographic expansion, new product innovation and investments in cutting-edge sales training. Additionally, the Company intends to develop and deploy technology-based tools to enhance customers’ home comfort using experience and equip contractors to sell the Premier program.® through new channels, including but not limited to utility partnerships that can improve homeowner access.
The recent passage of the Cut Inflation Act also provides the company with the opportunity to promote, alone or in conjunction with its OEM partners, consumer selection of high-efficiency heat pump technology products. . Today, more than 30% of Service 1st’s premier program® portfolio is made up of electrified heat pumps, well above the industry average.
“S2G Ventures’ investment in Service 1st reflects our belief that shifting to a service-based consumption model is a critical step in advancing sustainability within the home comfort industry,” said Andrea Woodside, Vice President, Real Assets at S2G Ventures. “Service 1st effectively addresses the need for transformative business models that make energy-efficient products more accessible, and we look forward to partnering with them to continue growing their business.”
Learn more about Service 1st and its Premier Program®please visit: https://www.service1stfinancial.com/
About Service 1st Financial
Situated at Bethesda, MarylandService 1st Financial is a leading financial technology, innovation and training company serving residential home service entrepreneurs in United States. The Premier Program® is offered by independent contractors on a full line of home comfort products, including HVAC systems, IAQ products, tankless and tankless water heaters, water purification systems and standby generators. Service 1st is the only independent provider of complete worry-free home comfort programs in the industry. Learn more about: www.worryfreehomecomfort.com.
About S2G Ventures
S2G Ventures, the direct investment team of Manufacturers’ view, partners with entrepreneurs working on solutions to some of the world’s biggest challenges in the food, agriculture, oceans and clean energy markets. We provide capital, mentorship and value-added resources to companies seeking innovative market-based solutions that generate positive social, environmental and financial returns. We provide our partners with flexible capital solutions that can range from seed and venture capital financing to debt and infrastructure financing to growth capital. For more information on S2G, visit s2gventures.comconnect to our podcastor join us on LinkedIn.
About Thayer Street Partners
Thayer Street Partners is a small private investment firm based in New York Cityfocused on opportunistic investments in recurring revenue businesses operating in the financial services, business services and real estate services sectors. Thayer Street provides customized capital solutions and partners with management teams to help drive the growth of their businesses. For more information, please visit www.thayerstreet.com.
SOURCE 1st Financial Service