Junk King Announces Norwest Venture Partners As New Investor
May 8, 2019
Junk King Announces Norwest Venture Partners As New Investor
National Junk Removal Franchise Commits to Future Growth with New Investor Partner
SOUTH SAN FRANCISCO, Calif., — Junk King, the nation’s top-rated junk removal and hauling company, today announced that it has made a strategic partnership with Norwest Venture Partners (Norwest), a premier multi-stage investment firm. Financial terms of the transaction are not disclosed.
Junk King founder and CEO Michael Andreacchi founded Junk King in 2005 and has consistently provided an environmentally-conscious, customer-focused service to residences and businesses. Since 2009, Andreacchi and team have grown through the franchise model in more than 100 cities across 35 states and Canada. The Company has welcomed five new franchisees to the Junk King family thus far in 2019.
“When starting Junk King, I did not appreciate just how instrumental the franchisees would be in creating the foundations of our brand,” said Andreacchi. “I am proud to say that we have a system comprised of many diverse backgrounds and career paths that have worked together to become America’s leading junk removal business. We are going to continue to climb mountains as a team and with the addition of Norwest we feel like there is no mountain too big.”
Norwest’s Sonya Brown and Stew Campbell will join Junk King as board members.
“Junk King’s mission of delivering an environmentally-conscious service resonated with us,” said Sonya Brown, General Partner at Norwest. “Diverting waste via recycling efforts is enormously important. We look forward to supporting Mike and team with new programs to drive even more innovation in the industry.”
“Mike and his team have built a leading brand and consumer experience. The technology, customer service and processes are all dedicated to deliver a top notch, on-demand experience to residences and businesses alike, said Stew Campbell, Principal at Norwest. “We are thrilled to work to support Mike and his network of terrific franchisees.”
In addition to the Junk King’s professionalism, eco-friendly recycling and award-winning customer service, businesses and residents alike choose Junk King because of the brand’s state-of-the-art technology systems that allow customers to schedule a pick-up in real time. With the online booking system all it takes is a few clicks and within a matter of minutes Junk King can be scheduled and the job can be completed. In fact, Junk King maintains the highest Net Promoter Score (NPS) for any service business in North America, a clear indication of the importance the company places on customer satisfaction.
To learn more about Junk King, please visit https://www.junk-king.com.
About Norwest Venture Partners
Norwest is a premier multi-stage investment firm managing more than $7.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 140 active companies across our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Junk King
Junk King is a white collar business management franchise in a blue collar industry with company operations showing ten years of sustainable growth. The Company is firmly entrenched as the 2nd largest and fastest growing player in the still young junk removal industry. We launched our franchise in October 2009 and have awarded 92 new franchises so far representing 350 units so far into 2017 including a Master License for Central America, and two Master licenses in Canada. Our model is adaptable as an owner operator model (not working on truck), transitional model from another career, or straight ROI model with general manager in place running day to day. In 2016, Junk King expanded into the mini-bin sector and began offering small market territories.
