Lowe's Invests in Home Performance Software Company
06/23/2010
SustainableBusiness.com News
Recurve, a San Francisco-based provider of software and services for the home performance industry, announced an $8 million Series B round of financing including new investor Lowe's Companies, Inc. (NYSE:LOW).
The big box retailer joins existing investors RockPort Capital Partners and Shasta Ventures in the financing. Recurve will use the new capital to keep up with the growing demand and expedite the distribution of its software suite.
The addition of investor Lowe's suggests the retailer may become a significant path to market for Recurve.
"Lowe's 60-year history in the home improvement industry will be valuable in shaping Recurve's growth," Recurve CEO Pratap Mukherjee said.
The market for retrofitting homes for energy efficiency has grown steadily over the last few years. Now, with the onset of government and utility incentive programs, as well as attractive financing programs and increasing consumer awareness, the industry growth rate is expected to escalate dramatically.
Recurve's software suite is designed to enable home performance contractors to more accurately and profitably manage home energy auditing and retrofitting projects, meet government standards and help homeowners lower their energy bills.
Based in San Francisco and founded in 2004, Recurve provides home performance software and services. The company also is a licensed general and solar contractor that specializes in home energy audits and green energy remodeling for existing homes. Recurve was recognized by the U.S. Green Building Council as the case study in their REGREEN Green Remodeling Best Practice Guidelines.
Website: www.recurve.com