NEW YORK--(BUSINESS WIRE)--Block Renovation, a technology platform for homeowners and contractors to digitize and simplify the home renovation experience, announced today that it has raised a $50 million Series C investment led by Softbank Vision Fund 2. In addition, existing investors Giant Ventures, NEA, Morningside, and Lerer Hippeau also contributed to the round. To date, Block has raised $104 million in venture funding. Additional investors include Obvious Ventures, Rainfall Ventures, Firstminute Capital, BoxGroup, and SV Angel. They are joined by top interior designer Kelly Wearstler, designer Ann Sacks, Eric Wu (CEO/Cofounder, Opendoor), Oisin Hanrahan (CEO, Angi), and Spencer Rascoff (former CEO/Cofounder, Zillow).
The latest funding round will be invested into the platform and user experience, national expansion, and building Block’s best-in-class team. Block is focused on building out a suite of products to digitize and automate the end-to-end home renovation process including design, procurement, and project management for both homeowners and contractors. Block’s business continues to benefit from a national real estate and home renovation boom. Homeowners and contractors are increasingly motivated to find easier ways of renovating together.
This round comes only a few months after Block’s Series B, which was announced in July. As a market leader in the $450 billion American home renovation market, Block’s business continues to gain momentum. Half of all homebuyers are now under the age of 36, and 87% homeowners hire a professional for their renovation.
"Home renovation nightmares should not be an industry norm. Doing a renovation is often one of the riskiest, highest stakes, and most expensive experiences of a homeowner’s life. Homeowners have historically lacked the tools and trusted partners for getting it done in a systematic, predictable way,” said Koda Wang, Cofounder of Block. “Similarly, contractors are often perplexed and frustrated -- by all the administrative work that comes with running their business, by not having easy tools to communicate and collaborate with homeowners, and by having to start from square one with each new renovation. We’re building a product that makes it more predictable, data-driven, and effective for all parties.”
Block was founded by Luke Sherwin and Koda Wang. Block’s renovation platform simplifies workflows across a complex ecosystem of activity -- pricing, design, procurement, permitting, logistics, and construction. The company launched with bathrooms as its first product in New York, and have since introduced kitchens and expanded to California. Block works closely with its contractor partners, many of whom earn thousands of dollars every week through Block.
"The rise of working from home has sparked an increased interest in home improvement projects but many customers are put off by the complexity and cost”, says Lydia Jett, Partner at SoftBank Investment Advisers. “Block Renovation is reimagining this process with a simplified and transparent digital platform that spans from planning to build. We are delighted to be partnering with Koda and Luke to support them in making home renovations more predictable and accessible".
About Block Renovation
Block is a renovation platform transforming the $450 billion renovation industry. Today, doing a home renovation is an abysmal homeowner and contractor experience. Block democratizes access to high-end design, while combining design, construction, and materials into a streamlined experience. Block simplifies a complex and convoluted process and gives homeowners certainty on outcomes, quality, price, and time.
Block’s mission is to give homeowners a better way to improve the spaces they live in, and to give contractors a better way to work. They are building an ambitious, tenacious, and creative team who is unafraid of tackling new challenges. The founders are former leaders at Casper, HuffPost, and Rent the Runway. Investors include New Enterprise Associates, Softbank Vision Fund 2, Giant Ventures, Lerer Hippeau, Obvious Ventures, Morningside Ventures and more.
https://www.blockrenovation.com/
