Revolution Growth Leads Oversubscribed Round of Both New and Existing Investors
Curbio, Inc., the leading pay-at-closing home improvement solution for real estate agents, brokerages and home sellers, announced a $65M Series B funding round to support continued growth in the untapped market for fix first, pay-at-closing home improvement. Curbio has now raised a total of $93M since its founding in late 2017. Curbio is the first tech-enabled home improvement solution designed specifically to get homes on the market fast and sold for top dollar with no payment due until the home sells.
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Led by Revolution Growth, a D.C.-based venture capital fund, the investment will be used to expand into additional markets and further develop Curbio’s proprietary technology, including the growth of their invitation-only job platform for the country’s five-star contractors. Other participants in the round include existing investors Camber Creek, Comcast Ventures, Brick & Mortar Ventures and Second Century Ventures, the investment arm of the National Association of Realtors® as well as new investors Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors and Masco Ventures.
“Curbio is taking an outdated, broken process and dramatically improving it to benefit realtors, home sellers, and subcontractors. We’re thrilled to have Revolution Growth lead an amazing group of investors with expertise in PropTech, marketplaces, and scaling disruptive startups. They will be invaluable to Curbio as we shake-up an $85 billion industry which has not seen any real innovation in decades,” said Rick Rudman, CEO of Curbio.
Curbio is using proprietary technology to dramatically improve the customer experience in home improvement. Curbio’s platform and app makes it easy to get proposals, line up labor and materials, track project schedules, get visual updates, and communicate in real-time from any location on any device. Despite current labor and supply shortages, the company’s growth and ability to deliver has not slowed down. Curbio’s projects average a 20% increase in selling prices, 50% reduction in project time, and 50% reduction in days on market.
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Selling a home is one of the most complicated lifetime financial transactions, and remodeling to appeal to modern home buyers adds a layer of logistical complexities, guesswork, and stress. Curbio unlocks the ability for any agent or brokerage to offer fix now, pay later services – a turnkey experience with no project minimums or credit checks. As the preeminent one-stop solution for pay-at-closing residential home improvement, Curbio is seizing on an enormous, previously untapped opportunity.
“The home renovation market is massive and a large portion of that spend happens in Curbio’s wheelhouse with pre-sale upgrades,” said Patrick Conroy, a Partner at Revolution Growth who is joining the board of the company. “Curbio’s technology-enabled solution addresses a major mismatch in the U.S. housing market—more than 80% of homes are over 15 years old and more than half of new buyers are millennials seeking modern layouts and finishes in their new homes. Curbio bridges this gap for home buyers and ensures that sellers get the most value out of their home quickly and reliably. We’re looking forward to helping Curbio become a household name in PropTech.”
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