Curbio, Inc., a Maryland-based real estate proptech that repairs homes before they are marketed and charges no payment until the home sells, announced yesterday that it has closed a $25 million credit facility with Massachusetts-based commercial bank Cambridge Trust, according to a press release.
The credit facility, along with a $65 million Series B funding round that was announced in January, brings Curbio’s total funding to $90 million for 2022.
Curbio also ranked 790th in Inc. Magazine’s Inc. 5000 list of the fastest growing privately-owned companies in the United States, with a three-year average growth rate of 805%.
“We are thrilled to provide this $25 million credit facility to Curbio to support its rapid growth and the development of its innovative home improvement technology,” said Chris Roy, Director of Innovation Banking at Cambridge Trust, in the release. “We collaborated very closely with the Curbio team to understand their unique working capital needs and developed a tailored credit solution that gives them substantial access to capital as they transform this industry.”
The fund will be utilized to expand into more markets, develop Curbio’s technology and focus on its topline growth that is projected to exceed $100 million in 2023, the release says. Other participants include Revolution Growth, Camber Creek, Comcast Ventures, Brick & Mortar Ventures, Kayne Partners, Masco Ventures, and Second Century Ventures, which is the investment arm of the National Association of Realtors.
Curbio has raised $118 million in total since its inception in 2017.
“Curbio is taking an outdated and broken home improvement process and completely re-inventing it to benefit real estate agents, their home seller clients and the broader subcontractor market. Everyone wins in this model, and we’re thrilled to have Cambridge Trust join the rest of our experienced, high-quality investors, to support our transformation of the $80 billion pre-sale home improvement industry,” said Rick Rudman, CEO of Curbio, in the statement.
Curbio says it offers a platform that helps stakeholders get proposals easily, arrange labor and materials, monitor projects, get visual updates and communicate on multiple devices. It adds that the company projects garner a 20% increase in selling prices, reduces project time by half, and also cuts down days on market by 50%.
In other recent proptech news, Closinglock closed a $4M seed round, led by LiveOak Venture Partners. Procore also appointed Steve Davis as its president of product and technology.