Real estate technology startup Curbio has raised $7 million in a Series A funding round, bringing its total capital raise since its 2017 launch to $13.6 million.
Led by Camber Creek and Brick & Mortar, the capital will be used to accelerate Curbio's technology development and expand into new cities, the company said.
Curbio describes itself as a "renovation partner" that uses its proprietary technology to plan and complete a home renovation quickly and cost-effectively so that home sellers can list their property as soon as possible.
Its services include project management, material selection and renovation choices designed to maximize profits, and homeowners are informed throughout the process with real-time updates, photos and videos.
Importantly, clients don't have to pay Curbio until the sale of their home closes.
The company says it aims to help Realtors and home sellers re-invent the way they approach pre-sale renovations. Its model accelerates project completion time by as much as 60%, the company says, adding that its end-goal is to maximize listing prices and minimize days spent on the market.
So far, it's model appears to be finding traction.
In the second quarter of 2019, Curbio says its number of projects grew 650% from last year. It also said itplans to complete more than 1,000 renovation projects in 2020 while doubling its footprint.
Right now, Curbio is available in Washington, D.C., and in surrounding suburbs in Maryland and Virginia; in Baltimore, Atlanta, Dallas, Houston, Phoenix, Orlando; as well as parts of Philadelphia and New Jersey. The company said it plans to launch operations in Chicago, Tampa, and Miami before the end of the year.
"Curbio is transforming the home renovation, general contracting and home flipping markets by offering homeowners a novel way to capture the full potential value of their homes," said Casey Berman, managing partner at Camber Creek. "We are thrilled to be working with Curbio as they expand across the U.S."