A startup that came in at number 8 on Technical.ly DC’s 2018 realLIST just closed on its first investment round.
Washington, D.C.-based home remodeling marketplace remodelmate announced that it has raised a $525,000 seed round led by CoVenture with participation from MIT Alumni Angels of Washington, D.C., Dorm Room Fund and TEDCO.
The company said it will use this funding to scale marketing and launch new product features.
“We see remodelmate as an industry-defining company,” Thatcher Bell, partner at CoVenture, said in a statement. “Our firm only invests in teams who are highly knowledgeable and passionate about what they’re building – and the remodelmate team is no exception. We’re excited to continue helping them grow as a company and ultimately shape the future of home remodeling.”
This is the company’s first major funding round and remodelmate said it has major growth plans for the remainder of the year.
“We’ve been lean and mean since day one and have bootstrapped the organization based on our revenue,” Chad Hall, founder and CEO of remodelmate told Technical.ly. “Our plan is to make remodelmate a household name with those who are about to buy their first home or embark on their first renovation journey.”
Hall said the company aims to use technology and transparency to save homeowners time and money while simultaneously allowing contractors to grow their businesses efficiently. Now in its third year of operation, this announcement comes after the company made some major updates to its online platform and launched partnerships with interior design service Havenly for templated kitchen renovations and online personal finance company SoFi for project loans up to $100,000 with monthly repayments.
“Now they are only growing faster after landing several partnerships and continuing to expand on their unique customer acquisition strategies. We see remodelmate as a team that is truly poised to win,” McKeever E. Conwell, II, co-manager of TEDCO’s Builder Fund, said in a news release.
Here’s a look at one of remodelmate’s latest remodeling projects:
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