Freemodel, a Burlingame, CA-based home renovation company, has raised $19.5 million in Series A funding led by QED Investors. The startup will use the fresh funding to expand its service to additional states, starting with Texas and Florida in Q1 2023.
LL Funds, RWT Horizons, FJ Labs, 1984 Ventures, 1Sharpe Ventures, and Crossbeam Venture Partners also participated in the round. With this most recent investment, Freemodel will have raised more than $23M since its 2020 launch.
Freemodel collaborates with real estate agents to plan, oversee, and fund the home repairs of their clients. After the house sells, the homeowner pays Freemodel out of escrow. For realtors and sellers, the process is simplified by their Project Directors’ skills and local understanding of the areas they serve.
Additionally, the business doesn’t demand credit checks and doesn’t have set project budget restrictions, giving homeowners greater freedom to get the most return on their investment.
The company already covers ninety percent of the California real estate market.
Freemodel aims to streamline and improve the residential real estate sale process
In 2020, Freemodel was established to streamline and improve the residential real estate selling process while allowing homeowners to realize the greatest gain from selling their properties.
Freemodel distinguishes itself by providing a team of regional designers and project managers that serve as the main on-site point of contact for agents and clients. Two Silicon Valley veterans founded the company with experience in software and residential real estate.
“With the increase in interest rates and the slowing real estate market, agents have to go the extra mile to get the best results for their sellers,” says Freemodel CEO and co-founder John Garner.
Freemodel has grown its revenue by 500 percent annually since its launch. The startup collaborates with more than 60 prestigious real estate brokerages and has assisted its agent partners in generating over $33 million in extra revenue for their clients.
Compared to other pre-sale house remodeling services, it offers a better customer experience since it uses local, on-site project management and design in every market to provide high-quality, customized improvements.
“Freemodel empowers our agent partners to sell a client’s home more quickly and at a higher price without the hassle or upfront cost of managing the renovations themselves,” added John Garner.
