Block Renovation, a renovation platform that uses technology to simplify and improve home renovations, announced 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 $54 million 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).
Amid 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 Wang. “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 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 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%.
“Block is swiftly becoming America’s most trusted renovator,” said Tommy Stadlen, co-founder and general partner at Giant Ventures. “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.”
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 made my working life more enjoyable,” said Alberto Flores, a contractor in Block’s network. “You are not running around looking for work – the work comes to you, and you can stay focused on the clients you already have. 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, Tracy-Inglis was vice president of operations at WeWork, cofounder/chief operating officer of Jane Technologies and chief of staff at Bechtel, working on multi-billion-dollar infrastructure projects. He holds two engineering degrees from the University of Canterbury and an MBA from MIT Sloan.
