Curbio, Inc. has announced the closing of a $25 million credit facility and a new banking relationship with Cambridge Trust, with headquarters in Cambridge, Massachusetts. 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, the company stated.
According to a release, Curbio has now raised a total of $118 million since its founding in late 2017. Curbio explains its services allow agents to offer their clients a turnkey pre-listing home improvement solution, without paying anything until the home sells. 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, the company noted. Thanks to these features, Curbio says its projects average a 20% increase in selling prices, 50% reduction in project time, and 50% reduction in days on market.
Curbio notes 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 they said 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 NAR.
“Curbio is taking an outdated and broken home improvement process and completely re-inventing it to benefit real estate agents, their home seller clients and the broader subcontractor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,” said Rick Rudman, CEO of Curbio. “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.”
“We are thrilled to provide this $25 million credit facility to Curbio to support its rapid growth and the development of its innovative home improvement technology,” said Chris Roy, director of Innovation Banking at Cambridge Trust. “Curbio has a seasoned executive team and an innovative solution that is long overdue in the property technology space. We collaborated very closely with the Curbio team to understand their unique working capital needs and developed a tailored credit solution that gives them substantial access to capital as they transform this industry. We look forward to helping Curbio transform home improvement for real estate.”
For more information, visit curbio.com.