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.