Total amount raised
$104 Millions
Latest funding date
11/01/2021
Location
Block Renovation has successfully raised funding through multiple rounds, with its latest being a Series C. The platform connects homeowners with top-quality contractors to streamline the home renovation process.
Keep reading to explore the intricacies of Block Renovation's fundraising journey and the investors backing this innovative platform.
What Is Block Renovation?
Block Renovation, founded in 2017 by Koda M. Wang and Luke Sherwin, is based in Brooklyn, New York. The company specializes in home and apartment renovations, offering a streamlined platform to plan, design, and build renovation projects.
Block Renovation provides a platform for homeowners, designers, and contractors to collaborate on home renovation projects. The platform offers services such as contractor matching and vetting, project management dashboard, design services, renovation solutions, and Block Protections.
With a team of 51-100 employees, Block Renovation aims to simplify the renovation process for homeowners and provide a better working environment for contractors.
How Much Funding Has Block Renovation Raised?
- Seed Round
- Amount Raised: $4.5M
- Date: May 2018
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and begin market entry.
- Series A
- Amount Raised: $10M
- Date: May 2019
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance platform capabilities.
- Series B
- Amount Raised: $39.5M
- Date: July 2021
- Lead Investors: Giant Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and introduce new products like kitchen renovations.
- Series C
- Amount Raised: $50M
- Date: November 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support national expansion and further technological advancements.
Total Amount Raised: $104M. Current Valuation: Not publicly disclosed.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund that invests in technology companies. It is known for making large-scale investments in high-growth tech startups.
- Investment Focus Areas: Technology, artificial intelligence, robotics.
- Notable Investments: Uber, WeWork, ByteDance.
- Giant Ventures
- Details: Giant Ventures is a venture capital firm that invests in companies addressing global challenges. The firm focuses on transformative technology companies.
- Investment Focus Areas: Technology, sustainability, healthcare.
- Notable Investments: What3words, Cervest.
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm investing in technology and healthcare. It has a long history of supporting innovative startups.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Robinhood, Coursera, 23andMe.
- Morningside
- Details: Morningside is a private equity and venture capital firm that invests in early-stage companies. It often focuses on technology and healthcare sectors.
- Investment Focus Areas: Technology, healthcare, life sciences.
- Notable Investments: Moderna, Decibel Therapeutics.
- Lerer Hippeau
- Details: Lerer Hippeau is an early-stage venture capital fund. It focuses on technology-driven startups and has a strong presence in the New York startup ecosystem.
- Investment Focus Areas: Technology, media, consumer products.
- Notable Investments: BuzzFeed, Casper, Warby Parker.
What's Next for Block Renovation?
Block Renovation is poised for significant growth, with opportunities to expand nationally and introduce new services like kitchen renovations. The home renovation market, valued at $450 billion, offers a vast landscape for the company to explore. Leveraging advanced technologies such as LiDAR-enabled site surveying and 3D visualization, Block aims to streamline renovation processes and enhance customer experiences.
Given its rapid growth and successful funding rounds, Block Renovation is likely to seek additional funding to support further expansion and development of new products. However, the company may face challenges in managing rapid growth, ensuring consistent quality across regions, and competing with established players in the industry.
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