Curbio, the pay-at-closing home improvement solution for real estate agents, brokerages and their listing clients, has closed a $25 million credit facility and a new banking relationship with Cambridge Trust. The $25 million credit facility, along with a $65 million Series B funding round announced in January, brings Curbio’s total 2022 funding to $90 million.
Curbio has raised a total of $118 million since its founding in late 2017. Curbio is the first tech-enabled home improvement company designed specifically to repair and update homes before they go on the market, so they sell quickly and for top dollar, with no payment due until the home sells.
The new credit facility provided by Cambridge Trust will be used to expand into additional markets, further develop Curbio’s proprietary technology and support the company’s rapid topline growth, which is expected to exceed $100 million in 2023. Cambridge Trust joins Revolution Growth, Camber Creek, Comcast Ventures, Brick & Mortar Ventures, Kayne Partners, Masco Ventures, and Second Century Ventures, the investment arm of the National Association of Realtors.
“Curbio is taking an outdated and broken home improvement process and completely re-inventing it to benefit real estate agents, their home seller clients and the broader subcontractor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.
Curbio’s use of proprietary technology is dramatically improving the customer experience in home improvement. The Curbio platform and web 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. Curbio’s projects average a 20% increase in selling prices, 50% reduction in project time, and 50% reduction in days on market.
