Investors Tap into Pay-at-Closing Home Improvement Market
Home improvement solutions company Curbio thinks it’s ready to disrupt an industry that “has not seen any real innovation in decades,” according to its CEO.
Founded in late 2017, Curbio serves real estate agents, brokerages, and sellers by offering home improvement projects that defer project costs until the home sells. Curbio describes itself as “the first tech-enabled home improvement solution” of its kind and was named the second fastest-growing company in the DC area by Washington Business Journal in 2021, increasing revenue by 193.22% from 2018 to 2020.
Within the Curbio platform, a broker, for example, could receive proposals, schedule subcontractors, order materials, track schedules, receive updates, and communicate with the project team. The company says it averages a 20% increase in home selling prices and reduces project time by 50%. There are no project minimums or credit checks required, either. It claims to help contractors too by expanding their business.
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Before and after of a kitchen project completed through Curbio. Photo: courtesy Curbio
Curbio works as the general contractor, sourcing insured and licensed subcontractors through a “strict” vetting process. It claims to be the fastest subcontractor payer in the country, fulfilling payments within seven business days and offering same-day payments.
In late January, the company announced it received $65 million worth of investments in its Series B funding round.
Various venture capital funds are responsible for the now $93 million total funding in Curbio, including real estate tech investor Camber Creek; Comcast’s investing arm Comcast Ventures; architecture, engineering, construction, and facilities management investor Brick & Mortar Ventures; and the investment arm of the National Association of Realtors, Second Century Ventures, among others.
DC-based venture capital fund Revolution Growth has made the largest investments thus far. Revolution Growth’s expansive portfolio includes big names such as Sweetgreen and Draft Kings, but also includes Handy, a handyman, home improvement, and cleaning service finder platform created by Angi, and eSUB, a construction software. Revolution Growth says it invests in “technology-enabled businesses that disrupt existing, multi-billion dollar industries.”
Curbio says those funds will be used to expand into new markets and further develop their proprietary technology, which includes growing its invitation-only system for sourcing contractors.
“[Investors] 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, in the official news release.
