Remodelmate, a D.C.-based real estate tech firm, announced on April 16 that it has received $525,000 during its first investment round, which was led by CoVenture in participation with MIT Alumni Angels of Washington, D.C.,Dorm Room Fund and TEDCO.
The company said they have major growth plans for the rest of the year, and the funding will be used to scale marketing and launch new product features.
Thatcher Bell, partner at CoVenture, said in a statement that Remodelmate is seen as an industry-defining company.
“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,” said Bell.
Chad Hall, founder and CEO of Remodelmate, told Technical.ly that the enterprise has been “lean and mean” since day one, and he has bootstrapped the organization based on the firm’s revenue.
“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,” said Hall.
The announcement came at a time when the company has made major updates to its online platform and launched its partnership with interior design service Havenly for templated kitchen renovations. It has also started an online personal finance company SoFi for providing project loans up to $100,000 with monthly repayments.
McKeever E. Conwell, II, co-manager of TEDCO’s Builder Fund, said in a press release that they were “now 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.”
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