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§ Private Profile · Burlingame, CA, USA
Residential real estate service designs, manages, and pre-pays for pre-sale home renovations, repaid from escrow by homeowners.
Based in Burlingame, California, Freemodel is a residential real estate platform that partners with agents to design, manage, and pre-pay for pre-sale home renovations. The company advances all upfront renovation costs without requiring credit checks or imposing budget caps, subsequently recouping the funds directly from escrow once the property successfully sells. Operating with a corporate workforce of 51 to 200 employees, the firm utilizes a network of over 100 local project directors to oversee turnkey property improvements across more than 60 leading brokerages. After achieving 500% year-over-year revenue growth and generating over $33 million in additional profit for clients, Freemodel secured $19.5 million in Series A funding backed by QED Investors and partner Bill Cilluffo. The enterprise was established in 2020 by co-founder and chief executive officer John Garner alongside an unnamed Silicon Valley veteran.
Freemodel has raised $23.5M across 2 funding rounds.
Freemodel has raised $23.5M in total across 2 funding rounds.
Freemodel has raised $23.5M across 2 funding rounds. Most recently, it raised $19.5M Series A in January 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 31, 2023 | $19.5M Series A | Lauren Morton | 1984 Ventures, 1sharpe Ventures, Crossbeam Venture Partners, FJ Labs, JIM Morrissey, RWT Horizons | Announced |
| Oct 1, 2021 | $4M Seed | — | 1984 Ventures, GoAhead Ventures, Volition Capital, Eytan Elbaz, Jonathan Zweig, Nick Green | Announced |
Freemodel is a proptech company founded in 2020 that provides full-service pre-sale home renovations for residential real estate, enabling homeowners and agents to boost property values without upfront costs.[1][2][3] It designs, manages, and finances customized remodels—handled by local project directors—paid from escrow at closing, serving real estate agents and homeowners primarily in California with expansion plans to Florida and Texas.[1][2][4][5] This solves the problem of dated homes lingering on the market by delivering faster sales and higher prices, even in tough conditions, with reported average value increases of $301K and 395% ROI on projects.[2][5]
The company has raised $23M total, including a $19.5M Series A in 2023 led by QED Investors, fueling growth in construction space, software, and new markets.[1][2]
Freemodel was founded in 2020 by Silicon Valley veterans with backgrounds in software and residential real estate, led by CEO and co-founder John Garner, whose proptech expertise and sales acumen drove the vision.[1][2] The idea emerged from recognizing that sellers could maximize profits by renovating pre-sale but faced barriers like upfront costs, hassle, and management—prompting a "simple, smart" model where Freemodel handles everything and collects at closing.[1][4]
Early traction came via partnerships with agents and brokerages, proving value in a slowing market with rising rates; by 2023, it covered 90% of California's market and secured QED backing for its founder-market fit and "easy button" renovations.[1][2] Pivotal moments include real-world wins like transforming a bereaved family's rundown home into a quick sale.[4]
Freemodel rides the proptech wave transforming residential real estate amid high interest rates, inventory shortages, and buyer demands for move-in-ready homes, where unrenovated properties face lowball offers or stagnation.[1][2] Timing is ideal: post-2022 market slowdown amplified needs for tools like pre-sale upgrades, with Freemodel's model thriving across conditions by aligning incentives for agents, sellers, and itself.[1][2][5]
Market forces favoring it include fintech/proptech VC interest (e.g., QED's focus) and digitization of construction via its software, influencing the ecosystem by empowering agents—handling 6-7 projects per partner in tough Florida markets—and setting a scalable template for "pay-at-close" renovations nationwide.[1][2][5]
Freemodel is poised to expand beyond California into Florida/Texas via Series A capital, prioritizing software enhancements and construction scaling to capture more of the $500B+ U.S. home renovation market.[2] Rising rates and remote work trends will sustain demand for value-maximizing flips, while proptech consolidation could bring partnerships or acquisitions.
Its agent-first, flexible model positions it to redefine pre-sale prep, potentially influencing standards as more firms adopt "easy button" financing—evolving from regional player to national force in a resilient real estate tech ecosystem.[1][2]
Freemodel has raised $23.5M in total across 2 funding rounds.
Freemodel's investors include Lauren Morton, 1984 Ventures, 1Sharpe Ventures, Crossbeam Venture Partners, FJ Labs, Jim Morrissey, RWT Horizons, GoAhead Ventures, Volition Capital, Eytan Elbaz, Jonathan Zweig, Nick Green.