Tech-enabled home renovation company Curbio announced Tuesday it raised a $65 million Series B round led by D.C.-based venture capital fund Revolution Growth.
Other participants in the round included 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.
Fresh capital in the bank, Curbio has now raised a total of $93 million for its fix first, pay-at-closing home improvement platform.
“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 – born from the phrase “Curb Appeal Inside and Out” – uses proprietary technology to expedite the process for consumers throughout the home improvement lifecycle. This can include anything from easier access to proposals, lining up labor and materials, tracking project schedules, getting visual updates and communicating in real-time.
The platform works specifically with pre-sale renovations, so homeowners can finish out the work before listing a property with payment deferred until settlement.
Though Curbio has taken on six-figure remodel projects, their current average project is in the $50K range. Think roofing, kitchen remodels and driveway renovations. According to Curbio, their projects average a 20% increase in selling prices, 50% reduction in project time and 50% reduction in days on market.
Much like a traditional general contractor, Curbio gets paid for the work it completes at the price agreed upon before the project kicks off. According to Curbio, this includes no additional charges and no hidden fees after signing.
Curbio’s last raise took place in 2020 at $25 million led by Comcast Ventures. Since then, the company has added both a new Chief Operating Officer and Chief Financial Officer, alongside a complete rebranding.
“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,” said Patrick Conroy, a Partner at Revolution Growth who is joining the board of the company.
“Curbio bridges this gap for home buyers and ensures that sellers get the most value out of their home quickly and reliably,” Conroy added.