Funding helps continued progress of nationwide repair now, pay-at-closing house enchancment answer for actual property brokers
POTOMAC, Md., Aug. 15, 2022 /PRNewswire/ — Curbio, Inc., the main pay-at-closing house enchancment answer for actual property brokers, brokerages and their itemizing purchasers, immediately introduced the closing of a $25 million credit score facility and a brand new banking relationship with Cambridge Belief, with headquarters in Cambridge, Ma. The $25 million credit score facility, together with a $65 million Sequence B funding spherical introduced in January, brings Curbio’s whole 2022 funding to $90 million.
Curbio has now raised a complete of $118 million since its founding in late 2017. Curbio is the primary tech-enabled house enchancment firm designed particularly to restore and replace properties earlier than they go in the marketplace, so that they promote shortly and for prime greenback, with no fee due till the house sells.
The brand new credit score facility supplied by Cambridge Belief shall be used to increase into further markets, additional develop Curbio’s proprietary know-how and assist the corporate’s speedy topline progress, which is predicted to exceed $100 million in 2023. Cambridge Belief joins Revolution Development, Camber Creek, Comcast Ventures, Brick & Mortar Ventures, Kayne Companions, Masco Ventures, and Second Century Ventures, the funding arm of the Nationwide Affiliation of Realtors®.
“Curbio is taking an outdated and damaged house enchancment course of and utterly re-inventing it to profit actual property brokers, their house vendor purchasers and the broader subcontractor market. Everybody wins on this mannequin, and we’re thrilled to have Cambridge Belief be a part of the remainder of our skilled, high-quality buyers, to assist our transformation of the $80 billion pre-sale house enchancment business,” mentioned Rick Rudman, CEO of Curbio.
Curbio’s use of proprietary know-how is dramatically bettering the client expertise in house enchancment. The Curbio platform and net app makes it straightforward to get proposals, line up labor and supplies, monitor undertaking schedules, get visible updates, and talk in real-time from any location, on any gadget. Curbio’s tasks common a 20% improve in promoting costs, 50% discount in undertaking time, and 50% discount in days on market.
Trendy house patrons need move-in-ready properties, making pre-listing house enhancements a necessity in an effort to promote a house shortly and for prime greenback. Curbio unlocks the flexibility for any actual property agent to supply their purchasers a very turnkey pre-listing house enchancment answer, with out paying something till the house sells. Curbio removes all boundaries to the house enchancment course of, making it streamlined, easy and stress-free. Because the preeminent one-stop answer for pay-at-closing residential house enchancment, Curbio is seizing on an infinite, beforehand untapped alternative.
“We’re thrilled to offer this $25 million credit score facility to Curbio to assist its speedy progress and the event of its modern house enchancment know-how,” mentioned Chris Roy, Director of Innovation Banking at Cambridge Belief. “Curbio has a seasoned government workforce and an modern answer that’s lengthy overdue within the property know-how house. We collaborated very intently with the Curbio workforce to know their distinctive working capital wants and developed a tailor-made credit score answer that offers them substantial entry to capital as they remodel this business. We look ahead to serving to Curbio remodel house enchancment for actual property.”
Curbio was based in 2017 to remodel the multi-billion-dollar house enchancment business and has shortly turn out to be the nation’s main pay-at-closing house enchancment answer. The corporate companions solely with actual property brokers and their purchasers to get any house prepared for the market, permitting it to promote quicker and for prime greenback. Utilizing know-how to energy their service, Curbio completes pre-listing house enchancment tasks of any dimension shortly and with out problem, from begin to end, with zero fee due till the house sells. Curbio is trusted by hundreds of realtors and brokerages nationwide, and has been constantly acknowledged for its exemplary answer, receiving nods in HousingWire, Certified Remodeler and Comparably, to call just a few.
About Cambridge Belief
Cambridge Belief Firm, subsidiary of Cambridge Bancorp, relies in Cambridge, Massachusetts. The 132-year-old Massachusetts chartered business financial institution has roughly $5.1 billion in belongings at June 30, 2022, and a complete of 19 Massachusetts and New Hampshire areas. Cambridge Belief’s Wealth Administration group maintains places of work in Boston and Wellesley, Massachusetts and Harmony, Manchester, and Portsmouth, New Hampshire with $4.0 billion in shopper belongings underneath administration and administration at June 30, 2022.
Cambridge Belief’s Innovation Banking Group is a number one Boston-based specialty lender targeted on the monetary wants of growth-stage know-how firms which drive the enlargement of the innovation economic system.