Raleigh-based Home Maintenance Company Raises $2 Million

1/1/17

A Raleigh company developing a system to provide consumers an easy way to purchase and schedule routine home maintenance services via the Internet has raised $2 in a private equity offering, according to a Securities and Exchange Commission filing.

Pack Purchase Inc. uses the brand name Canopy and provides services such as lawn maintenance, mosquito control, bush pruning and bed maintenance. The service has launched in Raleigh, Fayetteville, Durham, Chapel Hill and other markets.

For example, it offers a $199 a month package that includes mowing, edging, blowing, weed control, fertilization and leaf removal. Consumers can use its website to track what work has been done on its homes.

Its CEO is former FMI Capital Advisors managing editor Hunt Davis, who worked with engineering and construction industry firms focusing on mergers and acquisitions, including buyer and seller representations, mergers of equals and divestitures of non-core operations.

The filing can be found here. The company raised $1.5 million in 2015 from investors that included home improvement company Lowe’s and New York City-based Great Oaks Venture Capital.

Pack Purchase claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

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