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In August, we reported that a four-year-old, venture-backed remodeling startup called Made Renovations was failing its customers by their own words. Although it marketed itself as a one-stop shop for beautifying bathrooms – it offered potential customers a variety of templates, then connected them with in-house project managers, helping with the necessary permits. , promised them to hire contractors, order the necessary materials, and provide updates and support virtually until each renovation was completed – an increasing number of people began complaining to the company, social media, and this editor that Made Renovation What it provided was broken promises, long delays and cost overruns.
One customer told TechCrunch that a general contractor assigned to her project by Made refused to demolish her old bathroom, demolishing only the upper half. Another shared that Made disbanded its project management team without alerting him and described the cost-cutting development as a positive for customers. It later sent them a downloadable “Self-Management Creation Support Guidebook”. Meanwhile, on HomeAdvisor, a digital marketplace that connects service professionals with customers, Made Renovations received half a star (out of five) out of the seven reviews listed. Made renovation “[w]This is where dreams of great-looking bathroom remodeling and faith in seamless project management end,” one reviewer wrote. “An absolute nightmare of an experience!” Wrote the second one.
Made Renovations founder and then-CEO Roger Dickey did not respond to our requests for comment at that time. Now, two months later, the company, which had raised at least $31 million in two funding rounds, has told its shareholders that it is shutting down the business and selling “certain assets of the company” to an unnamed acquirer. Is. As possible.” (Maybe before the acquirer changes its mind?)
Richard Couch, chairman and CEO of Diablo Management Group, a turnaround firm, wrote the note, stating that his company was actively unwinding the company and that while Made was still in existence, he was appointed its CEO and sole director. Is.
What this means for Med’s customers is unclear. We’ve reached out to Couch for more information. Meanwhile, the Walnut Creek, CA, number listed in their letter to shareholders gives an error message that calls to the number cannot be completed when dialed.
This is the letter that was sent last Saturday:
15 October 2023
For all created shareholders:
This correspondence is to inform you that, with effect from October 10, 2023, the renewal [“MADE”, the ‘Company”] Announced that it has received a formal letter of intent from a potential acquirer
Wants to buy some assets of the company as soon as possible.
Following this sale, the Company intends to close the business, release all employees and dispose of all matters of the Company to the extent that resources and circumstances will permit.
Effective the same date, the MADE Board of Directors hired Diablo Management Group [“DMG”]is a nationally recognized turnaround and consulting firm aimed at managing
Sale of company assets and closure of business.
I, Richard G. Couch, Chairman and CEO of DMG, has been appointed as the CEO and Sole Director of MADE. Due to this action, all the officers and all the board members of the company have been freed.
Everyone has resigned, except Mr Couch.
Although we are in active negotiations and planning with a potential buyer, we cannot predict a successful outcome nor make any estimate of value at this time. Should this transaction not be completed,
We will proceed with the close of business.
We are in the process of determining the total assets and liabilities of the company. While this process is ongoing, cash resources have become so depleted that we have suspended any previous payments
Appropriate responsibilities of the company. We will provide updates on our progress as soon as possible.
Contact with the company should be directed to the following:
• Phone: 925-979-XXXX
• Email: info@maderenovations.com
sincerely,
Richard G. couch
Director and CEO
Untitled Labs, Inc. DBA Made Renovation
