A Potomac home improvement startup that helps sellers renovate their homes ahead of a sale is getting a big investment from D.C. venture fund Revolution Growth.
The company, Curbio Inc., has raised a $65 million Series B round led by Revolution Growth, with other participants including existing investors Camber Creek of Rockville, Comcast Ventures and Brick & Mortar Ventures of San Francisco, and Second Century Ventures of Chicago — the investment arm of the National Association of Realtors. New investors Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors of Los Angeles, and Masco Ventures of Livonia, Michigan also participated in the round.
Curbio plans to use the funding to expand into new geographic markets, and further develop its technology, including "an invitation-only job platform for the country's five-star contractors," according to the press release. Founded in 2016 under the name Max Sale Price, Curbio covers the cost of home renovations for sellers in a “fix now, pay later” plan. The company, which rebranded in 2017, acts as the general contractor during the renovations and waits to collect payment until the home sells.
The Series B raise follows $25 million Curbio raised in 2020 in a round that was led by San Francisco’s Comcast Ventures. All told, Curbio has raised $93 million in total funding to date, according to the company’s press release.
Patrick Conroy, a partner at Revolution Growth, will join Curbio’s board as part of the investment. Curbio helps address “a major mismatch” in the housing market where the majority of homes are over 15 years old, yet buyers are looking for “modern layouts,” Conroy said in a statement.
Revolution Growth, led by Revolution LLC and AOL co-founder Steve Case, Monumental Sports & Entertainment founder and CEO Ted Leonsis and Steve Murray, focuses on founders and their companies outside of Silicon Valley. Locally, the venture firm has invested in Mediterranean fast-casual restaurant chain Cava Group Inc., reverse logistics company Optoro Inc., among others, alongside investments in national companies such as DraftKings Inc. and Sportradar US. In late 2020, Revolution Growth said it was raising $500 million for a new fund, its fourth overall.
