Cambridge Trust provides $25 million credit facility to support Curbio’s growth.
Curbio Brings Total 2022 Funding to $90M with Addition of $25M Credit Facility Provided by Cambridge Trust Funding supports continued growth of national fix now, pay-at-closing home improvement solution for real estate agents
POTOMAC, Md., date, /PRNewswire/ -- Curbio, Inc., the leading pay-at-closing home improvement solution for real estate agents, brokerages and their listing clients, today announced the closing of a $25 million credit facility and a new banking relationship with Cambridge Trust, with headquarters in Cambridge, Ma. The $25million credit facility, along with a $65million Series B funding round announced in January, brings Curbio’s total 2022 funding to $90 million.
Curbio has now raised a total of $118 million since its founding in late 2017. Curbio is the first tech-enabled home improvement company designed specifically to repair and update homes before they go on the market, so they sell quickly and for top dollar, with no payment due until the home sells.
"Curbio is taking an outdated and broken home improvement process and completely re-inventing it to benefit real estate agents, their home seller clients and the broader subcontractor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. 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," said Rick Rudman, CEO of Curbio.
Curbio’s use of proprietary technology is dramatically improving the customer experience in home improvement. 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. Curbio's projects average a 20% increase in selling prices, 50% reduction in project time, and 50% reduction in days on market.
Modern home buyers want move-in-ready properties, making pre-listing home improvements a necessity in order to sell a home quickly and for top dollar. Curbio unlocks the ability for any real estate agent to offer their clients a completely turnkey pre-listing home improvement solution, without paying anything until the home sells. Curbio removes all barriers to the home improvement process, making it streamlined, simple and stress-free. As the preeminent one-stop solution for pay-at-closing residential home improvement, Curbio is seizing on an enormous, previously untapped opportunity.
“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.”
About Curbio Curbio was founded in 2017 to transform the multi-billion-dollar home improvement industry and has quickly become the nation’s leading pay-at-closing home improvement solution. The company partners exclusively with real estate agents and their clients to get any home ready for the market, allowing it to sell faster and for top dollar. Using technology to power their service, Curbio completes pre-listing home improvement projects of any size quickly and without hassle, from start to finish, with zero payment due until the home sells. Curbio is trusted by thousands of realtors and brokerages nationwide, and has been continuously recognized for its exemplary solution, receiving nods in HousingWire, Qualified Remodeler and Comparably, to name a few.
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About Cambridge Trust
Cambridge Trust Company, subsidiary of Cambridge Bancorp (NASDAQ: CATC), is based in Cambridge, Massachusetts. The 132-year-old Massachusetts chartered commercial bank has approximately $5.1 billion in assets at June 30, 2022, and a total of 19 Massachusetts and New Hampshire locations. Cambridge Trust's Wealth Management group maintains offices in Boston and Wellesley, Massachusetts and Concord, Manchester, and Portsmouth, New Hampshire with $4.0 billion in client assets under management and administration at June 30, 2022.
Cambridge Trust’s Innovation Banking Group is a leading Boston-based specialty lender focused on the financial needs of growth-stage technology companies which drive the expansion of the innovation economy.
Mary Ann Manning, Senior Manager, Marketing & Communications, (781) 528-3832
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