Leading home renovation platform Block Renovation raises $40M to expand nationally
NEW YORK, July 19, 2021--(BUSINESS WIRE)--Block Renovation, a renovation platform that uses technology to simplify and improve home renovations, announced today that it has raised $40 million in funding led by Giant Ventures -- along with NEA, Morningside, Lerer Hippeau, and Obvious Ventures. To date, Block has raised $54M in venture funding from investors including 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).
Amidst a national housing shortage, Block Renovation has seen triple digit growth and has completed hundreds of residential projects across New York City and now, Los Angeles. Block is led by Block Renovation co-founders T. Luke Sherwin and Koda Wang, a Casper cofounder and a former Rent the Runway executive, respectively.
"Renovations are incredibly high stakes and stressful -- for both homeowners and contractors," said Koda Wang, Cofounder at Block. "It's a category that has been overlooked and under-served by technology and investors. We're excited to be shaping a more modern future for home renovations -- defined by data, transparency, and predictability. We're also proud to be partnering closely with our contractor partners who are excited to be growing their businesses."
Block Expands to California: Block Renovation launched in 2018 for the New York City market. Now, it is beginning national expansion in a move that will help Southern Californians revamp their homes.
Block Launches Kitchen Renovation Feature: Block is now rolling out its second-ever product: Kitchens. Block uses LiDAR-enabled site surveying, 3D visualization, and quality design standards to reduce overall kitchen construction time by up to 50%, and design and planning time by 80%.
Building a Strong Contractor Community: Block’s approach to contractor relationships sets them apart in the industry. Block gives contractors free software, services, and data to help them grow their businesses. With Block, contractors spend less time on things like sales, marketing, logistics, and payments -- and can focus more time on construction itself. This helps them be more efficient and make more money. Block is also unique in offering its most elite contractor partners equity in Block.
"Block is swiftly becoming America's most trusted renovator. They are fixing a $450 billion market that is badly broken for both homeowners and contractors. This is a truly exceptional team executing with extraordinary speed, precision, and purpose," said Tommy Stadlen, Co-Founder & General Partner at Giant Ventures.
"Block made my working life more enjoyable. You are not running around looking for work -- the work comes to you and you can stay focused on the clients you already have," said Alberto Flores, a contractor in Block’s network. "Block's tools help me manage the projects better. Their payments are reliable and consistent, and the Block team is fun to work with."
In addition to this news, Block also brought on its first-ever Chief Operating Officer, Scott Tracy-Inglis, to oversee Block’s operations. Prior to Block, Scott was VP of Operations at WeWork, Cofounder/COO of Jane Technologies, and Chief of Staff at Bechtel working on multi-billion dollar infrastructure projects. Scott holds two engineering degrees from the University of Canterbury, and an MBA from MIT Sloan.
About Block Renovation
Block is a renovation platform that uses technology to simplify and improve the most popular home renovations. The platform seamlessly brings designers, contractors, and vendors together to create a premium and simplified consumer product. Starting with the bathroom and kitchen, Block offers homeowners clients a predictable renovation with a dedicated designer, a pre-vetted general contractor, and access to Block’s design system and suite of homeowner tools. For contractors and designers, Block offers a flow of projects that have been scoped, measured, and vetted for feasibility. blockrenovation.com.
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