SAN FRANCISCO, June 23 /PRNewswire/ -- Recurve, a San Francisco-based provider of software and services for the home performance industry, today announced that it has secured an $8 million Series B round of financing. New investor Lowe's Companies, Inc. (NYSE: LOW) 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 to the home performance industry.
"Recurve has been a leader in the national home performance industry over the past six years and now we're poised for significant growth along with the industry," said Pratap Mukherjee, CEO, Recurve. "We're pleased to have continued support from RockPort Capital and Shasta Ventures and are extremely excited to welcome new support from Lowe's. Lowe's 60-year history in the home improvement industry will be valuable in shaping Recurve's growth."
Home Performance Industry on the Rise
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 enables 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. For contractors looking to transition into the home performance industry, the Recurve software provides an easy template for doing so, as newly created green collar jobs put unemployed workers back to work.
"Since our original investment in Recurve a year and a half ago, the market for energy efficiency has taken off and Recurve has made substantial progress in developing and launching their unique software solution for that market. We're excited for the amazing possibilities this new financing offers," said Tod Francis, managing director, Shasta Ventures.
Based in San Francisco and founded in 2004, Recurve is the leading provider of home performance software and services, helping create homes that are comfortable, healthy and energy efficient. A licensed general and solar contractor, the company specializes in home energy audits and green energy remodeling for existing homes. Recurve applies building science to quantitatively analyze a home's performance as a dynamic system, so as to tailor a solution to the client's goals, budget, and priorities. Recurve has been recognized by the U.S. Green Building Council as the case study in their REGREEN Green Remodeling Best Practice Guidelines. For more information, please visit www.recurve.com or follow Recurve on Twitter at @recurveus.
With fiscal year 2009 sales of $47.2 billion, Lowe's Companies, Inc. is a FORTUNE® 50 company that serves approximately 15 million customers a week at more than 1,700 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.
About RockPort Capital Partners
RockPort Capital Partners, www.rockportcap.com, is a leading venture capital firm partnering with clean tech entrepreneurs around the world to build innovative companies and bring disruptive technologies and products to the 21st century. RockPort's investment approach is distinguished by collaboration with management teams to foster growth and create value. Combining domain expertise with policy and international experience, RockPort has a proven track record of leveraging its insights and networks to foster growth and create value.
About Shasta Ventures
Shasta Ventures is an early-stage venture capital firm investing in technology-enabled businesses serving consumers and enterprises. Located in Menlo Park, California, Shasta Ventures has $460 million dollars under management. Shasta was formed in 2004 by venture capital veterans and has made nearly 40 investments to date across consumer and business services, infrastructure and software. For more information on Shasta Ventures, please visit www.shastaventures.com.