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Former Nextdoor exec raises $25 million for PipeDreams, a startup rolling up HVAC companies
PipeDreams acquires and scales mom and pop HVAC and plumbing companies in a nod to the traditional PE roll-up strategy.
PipeDreams just raised a $25.5 million Series A, led by Canvas Ventures and Plural Platform with additional funds from Tony Xu, the founder of DoorDash, and Thomas Layton, the former CEO of OpenTable. PipeDreams also uses debt to acquire the businesses outright but isn’t tied to the kind of tight lifecycle timeline to produce returns or exit like the 4-6 years expected in PE. That said, PipeDreams could experience some of the same growth hurdles Amazon aggregators face, like if a newer entrant grabs more business or if a local plumber beefs up its SEO or digital marketing strategy.
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