Local startup will use new funding round to double down on Charlotte
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Photo: Courtesy of Craftwork
Craftwork, a Charlotte home-painting startup, recently landed a $7 million funding round, its largest to date, with plans to grow its headquarters operations and expand its team of painters.
Why it matters: Craftwork is a local small business success story. Its growth comes at a challenging time for startups, as investors have generally been cautious and picky about where to put their money.
- "We're hoping to be the largest painting company in Charlotte within the next 18 months," chief growth officer Joey Skavroneck tells Axios.
By the numbers: Craftwork's $7 million Series A funding round was led by Slow Ventures with participation from Lachy Groom, Four Cities Capital, Forerunner Ventures, Pioneer Fund, and Y Combinator, according to the company.
- Craftwork was one of only a handful of local firms to have participated in Y Combinator, an esteemed startup accelerator out in Silicon Valley.
Context: Launched in 2023 by Skavroneck, Tim Griffin, Suzanne Griffin and Mike Bifulco, Craftwork aims to modernize the home painting process through proprietary software by providing homeowners with an instant painting quote online to schedule their projects.
- The startup employs its own full-time painters, which is not necessarily typical in the painting industry. But its founders say it benefits both its staffers and its customers by ensuring top talent. Plus, it ensures stability and a career trajectory for its painters.
- Craftwork will expand its HQ operations (including by building out its product and engineering team), grow its painting teams and acquire other painting businesses with its latest funding round.
- Its HQ currently has about 18 employees; its painting crew has grown to about 40, per Skavroneck.
The big picture: Homeowners locked into low mortgage rates nationwide have opted to stay and invest in their properties as opposed to move — a trend that's bolstered the home renovation industry.
Between the lines: Craftwork had planned to expand beyond Charlotte by now (it pushed its Atlanta launch twice) but the company keeps seeing room for investment here, Skavroneck says.
- "By the end of this year, our goal is to double down in the Charlotte market," he said. "Charlotte has continued to deliver what we needed to stay here."