POTOMAC, Md., Nov. 13, 2020 /PRNewswire-PRWeb/ -- Curbio, the leading pay-at-closing home improvement company for real estate agents, today announced $25M in financing to support rapidly growing demand for their services nationwide. Curbio is the first company to provide home improvement services created specifically to help real estate agents fix-up client homes before they go on the market, so they sell quickly and at the best price, without any payment until the home is sold. Curbio will use the funds for market expansion, technology development and growth of their invitation-only job platform for the country's best contractors.
Investors include proven leaders in the rapidly growing real estate technology space referred to as PropTech. The round was led by new investor, Comcast Ventures, with participation from existing investors, Camber Creek, Brick & Mortar Ventures, Second Century Ventures (the strategic investment arm of the National Association of Realtors®), Curbio board member and former ADT CEO, Tim Whall, and Curbio CEO, Rick Rudman. SCV, In addition to an equity investment, is also providing venture debt in this funding round. Curbio is a graduate of the NAR REACH growth program which leverages the association's more than 1.4 million members to help refine and scale promising solutions for REALTORS®.
"I feel very fortunate to have the backing of such a talented group of visionaries in the rapidly growing PropTech space," said Rick Rudman, CEO of Curbio. "Their collective experience will be invaluable to Curbio as we transform a $100 billion industry, which has not seen much innovation over the last few decades."
Curbio is disrupting the home sales industry as the first single company solution for pay-at-closing residential home improvement. Unlike other options that match customers with third party contractors, Curbio is the licensed general contractor on every project and handles everything including the initial proposal, project administration and on-site project management. From simple repairs to luxury, whole-home renovations, Curbio takes care of everything, so agents and their clients can focus on other priorities.
Curbio is using proprietary technology to dramatically improve the customer experience in home improvement — an industry that hasn't changed in decades and is notorious for missed deadlines, cost overruns and a general lack of customer communication. Curbio's platform and app makes it easy to monitor project schedules, visual updates and all project communication from any location. This keeps projects running smoothly and eliminates the frustration of visiting project sites, tracking down updates and playing phone tag with contractors.
The results are game changing, with Curbio projects averaging a 25% increase in selling prices, 60% reduction in project time and 50% reduction in days on market. No payment is due until the home is sold, and there's no time limit, no interest and no hidden fees. Curbio eliminates all roadblocks to pre-listing improvements to help ensure the success of every home sale. Curbio even offers a no-loss guarantee, assuring risk-averse home sellers that they won't lose money on pre-listing project work.
"Curbio is a classic example of what we look for when investing—a seasoned leadership team, innovative technology and a large market that is ripe for disruption," said Sheena Jindal, Principal at Comcast Ventures. "Curbio addresses the mismatch in the U.S. housing market—85% of homes are over 15 years old and more than half of new buyers are millennials who don't want dated homes. Curbio ensures sellers get the most value out of their home quickly and reliably while giving buyers a move-in ready home with renovation wrapped into the price of the mortgage. We're looking forward to helping Curbio become a household name in PropTech."
About Curbio
Curbio is the leading pay-at-closing home improvement company for real estate agents and their pre-listing projects, getting homes ready for market, with no payment due, until the home is sold. Staffed by former Realtors®, designers, and project managers, we are experts in pre-listing home improvement, with a focus on quality, speed to market and customer success. From simple repairs to whole home makeovers, Curbio takes care of everything so Realtors® can do anything.
About Comcast Ventures
Comcast Ventures is the venture capital affiliate of Comcast Corporation. It is a returns-focused venture capital firm with a 20-year history investing in consumer, enterprise, and frontier technology companies. The portfolio has grown to more than 130 companies. Comcast Ventures is consistently ranked on the list of top 10 most active CVCs. The team includes experienced investors, entrepreneurs, and startup operators based in offices in San Francisco, New York, Philadelphia, and Los Angeles.
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. Notable past investments of the firm and its General Partner include seed round participation in PlanGrid, BuildingConnected, BuildZoom, and Rhumbix, as well as early-stage investments in FieldWire and Levelset (formerly Zlien). Brick & Mortar Ventures is based in San Francisco, CA.
About Camber Creek Ventures
Founded in 2011, Camber Creek is an institutional venture capital firm that invests in and scales early and growth stage companies that are transforming the real estate industry. Over the past nine 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 $250 million in assets under management with offices in New York, San Francisco, and Washington, D.C.
About Second Century Ventures
Second Century Ventures is a strategic technology fund, backed by the National Association of Realtors®, which leverages the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries including financial services, banking, home services and insurance. Second Century Ventures operates the award- winning REACH growth program and is the most active global fund in real estate technology. For more on SCV, visit scv.vc.
About CEO Rick Rudman
Rick Rudman is CEO of Curbio and a proven technology CEO for both start-ups and public companies. Prior to co-founding Curbio, Rick was co-founder and CEO of Vocus, a SaaS PR and marketing solution that Rick ran from a start-up to over 1,500 employees, an IPO on the Nasdaq, 32 quarters as a public company and in2014 an acquisition for close to half a billion dollars. Prior to Vocus, Rick spent time as a software engineer and later as a CPA. Rick began his career in the United States Air Force, attending the USAF electronics training school and serving in a forward air combat unit supporting NATO. Over the years Rick has been recognized for his success including Ernst and Young's Entrepreneur of the Year for DC, Maryland's HTC Entrepreneur of the Year and MD Governor's Citation.
Media Contact
Olivia Mariani, Curbio, +1 (240) 421-0502, [email protected]
SOURCE Curbio
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