- Capital Markets
Investor group includes leaders in rapidly growing Proptech industry
Potomac, MD Curbio, the leading pay-at-closing home improvement company for Realtors® and pre-listing projects, today announced $25M in financing to support rapidly growing demand for their services. Curbio is the first home improvement service designed specifically to help Realtors® fix up homes before they go on the market, so they sell quickly and for the best price, without any client payments due until the home is sold. Curbio will use the funds for market expansion, technology development and accelerated growth of their invitation-only job platform for the country's top contractors.
Investors include proven leaders in the rapidly growing real estate technology space known as Proptech. The round was led by new investor Comcast Ventures, with participation from existing investors including Camber Creek Ventures, Brick & Mortar Ventures, Second Century Ventures (the strategic investment arm of the National Association of Realtors®), Curbio board member and former ADT (NYSE:ADT) CEO Tim Whall, and Curbio CEO Rick Rudman. SVC participated as an equity investor, and is also providing $5 million of term debt as part of the round.
“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 with their pay-at-closing business model and the first end-to-end technology platform for residential home improvement. The Curbio platform automates everything from proposal creation through materials management, contractor selection and project management. Curbio completes projects 65% faster than average, a critical benefit for Realtors® and home sellers that want to repair and update their property, but also get to market quickly.
The Curbio app also allows Realtors and sellers to keep up with project schedules, updates and communication from anywhere, eliminating the need for constantly checking up on projects or chasing contractors. One of the most innovative features of the Curbio platform is their invitation-only subcontractor job platform, which allows qualified subcontractors to select ready-to-work jobs based on qualifications, geography and schedules.
Curbio homes sell 50% faster than average and generate 25% increases in home sales prices and Realtor® commissions. No payment is due until the home is sold, with no interest, fees or time constraints. Curbio even offers a no loss guarantee, assuring that home sellers can’t lose money on the 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.”
Unlike contractor marketplaces, Curbio is a one-stop-shop, handling everything from proposal to punchlist, and serving as the licensed general contractor, on-site project manager and in-house project administrator. This provides Realtors® with a simple, time-saving process, and consistent quality on every listing. From simple repairs and cleaning to luxury whole-home renovations, Curbio takes care of everything, so Realtors® and their clients can focus on the things that matter most.
Curbio is the leading pre-sale home improvement company, dedicated to helping Realtors® get their client’s 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 what matters most when fixing up a home for sale: speed-to-market, effortless process, and updates that matter the most. From simple repairs and cleaning to whole home refreshes and makeovers, Curbio helps ensure every home is ready for market with projects that help homes sell more quickly with increased profit.
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
Camber Creek is a venture capital firm providing strategic value and capital to operating technology companies focused on the real estate market. Camber Creek contributes in a direct and significant way to the success of its portfolio companies by leveraging the real estate expertise, operating experience and portfolio of assets of its partners, investors, and advisors. Its investment team has investing, operating, and technology experience and expertise across a range of real estate businesses, including construction, property management, development, and leasing. Its investors own, operate and manage over 150 million square feet of real estate in the U.S., giving them a unique competitive advantage as an investor and value-added partner in the real estate technology space
About Second Century Ventures
Second Century Ventures is an early-stage technology fund, backed by NAR, which leverages the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. SCV systematically launches its portfolio companies into the world's largest industries including real estate, financial services, banking, home services and insurance. SCV seeks to define and deliver the future of the world's largest industries by acting as a catalyst for new technologies, new opportunities, and new talent. The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
About CEO Rick Rudman
Rick Rudman is CEO of Curbio, and a proven technology CEO for both start-ups and public companies.Prior to Curbio Rick was Co-founder and CEO and of Vocus (NASDAQ:VOCS), a SaaS marketing solution that Rick grew from a start-up to $200m in revenue, 1,500 employees,, $100m in financing, an IPO and eventual sale for 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, enlisting after high school. He attended the USAF technical training school, served in a forward air combat unit supporting NATO, and was promoted to Sergeant. 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 recipient.
- real estate
- venture capital