Cambridge Trust, a bank with headquarters in Cambridge, Massachusetts, and Curbio, Inc., the premier pay-at-closing home repair solution for real estate agents, brokerages, and their listing clients, announced the completion of a USD 25 million credit facility. The USD 25 million credit facility increases Curbio’s total investment for 2022 to USD 90 million, including the USD 65 million Series B funding round revealed in January.
Since its establishment in late 2017, Curbio has secured USD 118 million in funding. To ensure that homes sell quickly and for the top price, Curbio is the first tech-enabled home remodeling company. There is no payment required until the house sells.
Curbio CEO Rick Rudman:
“To help real estate agents, their house seller clients, and the larger subcontractor market, Curbio is entirely reinventing an old, broken home remodeling process. Everyone benefits from this strategy, and we are delighted to have Cambridge Trust join the other knowledgeable, excellent investors in assisting us in transforming the $80 billion pre-sale home renovation sector.”
According to Chris Roy, Director of Innovation Banking at Cambridge Trust:
“We are happy to give this USD 25 million loan facility to Curbio to support its rapid growth and the development of its breakthrough home renovation technology. In the field of property technology, Curbio has a seasoned executive team and a ground-breaking solution that is long needed. We worked closely with the Curbio team to comprehend their specific working capital requirements and created a custom credit solution offering them significant money access as they reinvent this sector. We are eager to assist Curbio in modernizing house improvement for real estate.”
More about the company:
The nation’s top pay-at-closing home renovation solution, Curbio, was launched in 2017 to revolutionize the multibillion-dollar home improvement business. To prepare any home for the market and ensure that it sells quickly and for top money, the company exclusively works with real estate brokers and their clients. Curbio uses technology to power their service swiftly and hassle-free, completing pre-listing home improvement tasks of any size, from beginning to end, with no payment required until the home sells.
The client experience in home improvement has significantly improved thanks to Curbio’s utilization of proprietary technology. Utilizing any location and device, the Curbio platform and web app make it simple to gather proposals, arrange for personnel and supplies, monitor project timetables, receive visual updates, and interact in real-time. The projects by Curbio typically result in a 20% rise in selling prices, a 50% decrease in project time, and a 50% decrease in days on market.
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