Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Dan Teran, co-founder and CEO of Managed by Q. Photo: Noam Galai / Getty Images
Many gig economy startups have shut their doors, but two on-demand cleaning companies are showing signs of economic viability:
- Handy, which provides cleaning and other home services, is profitable and cash flow positive, a source tells Axios.
- Managed by Q, which provides cleaning and other office management services, said on Friday that its core office services business is profitable. Not included in that top-line math: employee stock grants, NYC headquarters rent and expenses for employees not working on that core business.
Different approaches: Handy and Managed by Q serve different types of customers from one another, with the former focusing on consumers and the latter on companies. Their business models also differ: Handy's workers (cleaners, handymen, etc.) are independent contractors. Managed by Q's cleaners are company employees, with benefits and even a bit of company equity.
Big money: Managed by Q has raised over $75 million from investors like Google Ventures and Staples, while Handy has snagged more than $110 million from firms like Fidelity and General Catalyst.
The story has been updated to correct the funding details, which were attributed to the wrong companies.