Phyxter
Phyxter Pro is a mobile application powered by AI, it’s built for independent skilled trades contractors that spend too much time looking for parts and materials, never charge enough for their services, and have an extremely difficult time finding new customers. Phyxter Pro acts as a complete Virtual Business Partner, using AI to always find the best price on parts and materials, maximize margins over time, and connect users to the most profitable customers.
Traction
Phyxter currently has 918 contractors, 182 parts suppliers, and 142 homeowner accounts. They went live with their homeowner app in February, but due to COVID-19 haven’t started to market it yet. They have partnerships with three HVAC social media influencers (approx. 300,000 total followers) and Phyxter corp has a combined social media following of over 225,000 people and had over 1.1 million engagements last month. This reach will set them up for great growth going forward.
Their biggest hurdle over the next twelve months is efficiently acquiring “homeowners” as repeat app users. They plan to use a combination of social media strategies (see Bored Tradesmen), social media advertising, AI PPC (see Beam City), gorilla marketing, and their innovative network marketing referral program (see Pay-It-Forward).
Team
Co-founder Ben Fagan has spent over six years commercializing new capital market software products at both Toronto Dominion and the Bank of Montreal. During this time, Ben’s project management experience included commercializing a $2B offshore alpha-funding portfolio out of TD securities Singapore, commercializing the enablement of the BMO Asia funding desk to trade FX swaps out of Hong Kong, migrating BMO’s interest rate derivatives un-cleared collateral group onto an enterprise software system facilitating billions of dollars in transactions per day, and consolidating BMO’s interest rate derivative cleared collateral group onto an enterprise software system by establishing connectivity to clearing houses to facilitate payments.
Co-founder Jake Gibson has spent over four years in sales and sales management. In managing the sales of heavy mining equipment, technology products, and equipment services, his knowledge and experience in leadership, sales, business development and the commercialization of new products led to successful sales initiatives across multiple international borders. In a performance-driven environment, Jake understands the importance of utilizing strategic partnerships to maximize the adoption of new products, profitability, and win rates. Over the last two years of Phyxter’s business development, Jake has used this understanding to build relationships with potential channel sales partners, which will prove invaluable on launch day. Some examples of those relationships include; Intact Insurance, Rheem Manufacturing, Commusoft, You Professional Account, Rockstar HVAC, Telus, Petro-Canada, Watsco, HVAC Know It All, Service Business Mastery, Reffer Guy, Business Development Bank of Canada, Royal Bank of Canada, Bank of Montreal, and Microsoft, Nicejob, SImvoly, The Hoth, Brightlocal, and KumoCare.
Funding
Phyxter is looking to raise $1,000,000. They are looking to secure funding for the purposes of proving the scalability of their go-to-market strategy and further development/maintenance. They are currently soft launching Phyxter in Vaughan, Ontario and the further go-to-market funding would be used to scale throughout the cities of the GTA, as well as in Hamilton and Kitchener/Waterloo. They intend to hire a marketing/design/advertising role, two full-time combined role BDR/SDR/CSRs, and one full-time or contract senior software engineer to enable their growth.
Revenue Model
Part Suppliers pay a 5% transaction fee on “mobile orders”, Contractors pay an 18% transaction fee on in-app Phyxter projects. Contractors pay a 3% transaction fee when invoicing their own customers, and have the option to purchase background checks and employment checks to bolster their Phyxter profiles. They also offer a suite of business services under the banner Phyxter Services, which includes a SaaS DIY website builder and SEO services.
Details
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