A US-based venture capital firm has invested in Home Repair Network.
Home Repair Network will be led by the existing management with Ian Hogarth as managing director and Alan Horton as chairman.
The new acquisition will see Tari Ventures, a Florida-based investor, provide a facility for further investment in the business.
French glass manufacturer Saint Gobain, sold its shares in the business, in order to focus on its “core competencies”.
Tolga Tari, managing director at Tari Ventures said the VC would support by “providing software, capital, resources and expertise”.
Ian Hogarth, managing director of Home Repair Network said: “This investment will bring exceptional benefits for Home Repair Network, both in terms of financial capital to accelerate our business growth and experience in designing and developing market leading property claims management platforms for the insurance industry.”
David Kilby, regional managing director at Saint Gobain said: “Saint Gobain’s strategic priority is to focus on its core competencies. As such we are pleased to support this acquisition that will allow us to intensify our focus on our core businesses in the UK. We believe that HRNL has a great business model and we wish them every success in the future within their new ownership structure.”
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