We’re investing in Digs via Deepwater Venture Fund II based on the fact that most people’s largest asset has been left behind while the rest of the world has been digitized. Software is eating the world, but it hasn’t yet gobbled up the home.
We believe Digs is positioned to become the Carfax for the home. The Digs platform catalogs specifications of every aspect of a home, thereby creating a “digital twin.” As a result, homeowners can view and share critical information with builders, vendors, and maintenance providers, plus, the digital twin unlocks a marketplace experience for furniture, appliances, and other home related products.
Digs offers collaboration software for homebuilding and home maintenance. Through the company’s expertise in home building, user interface design, and AI it has created a platform for a more efficient residential construction process (sharing information between builders, vendors, and homeowners), along with an interactive repository of information on the home:
- Initially, Digs is targeting the new home construction market, with thousands of builders building ~3M homes per year in the U.S. The opportunity within the builder/vendor/contractor customer base equates to millions of potential Digs seat licenses in the U.S. alone.
- Digs fits within the existing workflow of builders, and enhances it, rather than blowing it up. This has allowed Digs to rapidly scale across the U.S. and Canada in their first year since launch.
- In the coming years, Digs will increasingly focus on the existing home market, which currently includes ~140M homes in the U.S., with an average of $6K spent annually on home repairs & maintenance per household. Existing homeowners can leverage a “digital twin” of their home to identify areas of repair & maintenance.
- Longer-term, the Digs marketplace has the potential to capture a portion of the $10s of billions spent each year on home maintenance, repairs, furnishings, and upgrades.