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Revolution Growth Leads Oversubscribed Round of Both New and Existing Investors
POTOMAC, Md., Jan. 18, 2022 /PRNewswire/ -- Curbio, Inc., the leading pay-at-closing home improvement solution for real estate agents, brokerages and home sellers, today 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.
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"Curbio is taking an outdated, broken process and dramatically improving it to benefit realtors, home sellers, and subcontractors.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.
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."
Curbio is the nation's leading pay-at-closing home improvement solution for real estate agents and their clients. Founded in 2017, the company has set out to transform the process of getting homes move-in ready with its streamlined approach to home improvement. Powered by technology, Curbio has created a one-stop solution for pre-listing home improvements, handling the entire process from start to finish. Curbio is a completely turnkey solution, taking care of all sourcing, project management and communication, and acting as the licensed, insured general contractor on all projects. Curbio makes home improvement accessible and stress-free so that every real estate agent and contractor can grow their business, and every seller can unlock the value in their home. From simple repairs to whole home makeovers, Curbio gets every listing on the market faster and sold for top dollar.
About Revolution Growth
Revolution Growth is a venture capital fund investing in growth stage companies around the country that are leading disruption within their industry. Led by Steve Case, Ted Leonsis, and Steve Murray, Revolution Growth has a proven strategy of partnering with entrepreneurs to build and scale category-defining companies. Revolution Growth is headquartered in Washington, D.C. and part of Revolution's family of funds, including Revolution Ventures and the Rise of the Rest Seed Funds. Visit us online at revolution.com/growth or @Revolution.
About Camber Creek
Founded in 2011, Camber Creek (www.cambercreek.com) is an institutional venture capital firm investing in and scaling companies that are transforming the real estate industry. Over the past 11 years, the firm established itself as the premier real estate technology venture firm by consistently delivering industry-leading returns to investors, driving value for its portfolio of start-ups, and generating successful company exits. Today, Camber Creek has more than $500 million in assets under management with offices in New York, San Francisco, and Washington, D.C.
About Kayne Partners
Kayne Partners, the Los Angeles-based dedicated growth private equity group of Kayne Anderson Capital Advisors, L.P., leverages its large firm resources to partner and invest in lower middle market, privately held, high growth, enterprise software and tech-enabled service businesses across North America. The team has developed a durable and repeatable investment strategy and process for applying its stage expertise through sourcing and investing in companies at an early inflection point, adding value and scaling through organic growth and M&A, and exiting these must-have assets to strategics & financial sponsors. The team has experience investing across media & telecommunications, supply chain & logistics, financial technology, healthcare IT, security & compliance, and business process outsourcing and automation. For more information, please visit www.kaynepartners.com
About Comcast Ventures
Comcast Ventures is the venture capital arm of Comcast Corporation, with a 20+ year history of partnering with entrepreneurs to accelerate growth for their businesses. We support founders in creating significant businesses by providing capital as well as by leveraging the unique resources of Comcast's operating businesses. Comcast Ventures invests in early to growth stage companies across a select set of themes. For more details, visit https://comcastventures.com.
About Brick & Mortar Ventures
Brick & Mortar Ventures is an early-stage venture fund focused on the Built World. Founded by Darren Bechtel, the firm invests in emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management.
About Masco Ventures
Masco Ventures is a $50 million venture capital initiative of Masco Corporation (NYSE:MAS, www.masco.com), a Fortune 500 company focused on the design, manufacture and distribution of branded home improvement and building products. Masco's portfolio of industry-leading brands includes Behr® and Kilz® paint and primers; Delta® and Hansgrohe® faucets, bath and shower fixtures; and Hot Spring® spas. Masco Ventures is focused on partnering with startups that will advance Masco's commitment to innovation. The fund targets investments in products and services that augment water management, create a connected in-home experience, enhance Masco's customer service, and provide different ways for Masco to reach new and existing customers.
About Second Century Ventures
Second Century Ventures (SCV) is the most active global real estate technology fund and serves as the strategic investment arm of the National Association of REALTORS®. SCV helps scale its portfolio companies across the world's largest industries including real estate, financial services, banking, home services, and insurance. SCV operates the award-winning global REACH technology scale-up program.
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