Recently, a Series C fundraising round co-led by Fifth Wall and General Global Capital garnered $80 million for Sundae, a residential real estate marketplace that connects owners of out-of-date or damaged property with prospective purchasers.
Our objective is to eliminate wholesalers who take advantage of gullible or ignorant sellers and tie them up in a contract that they later transfer to a real estate investor for a handsome profit, according to Stech.
The thousands of dollars in lost equity that go to a wholesaler “may make the difference between having enough money to retire or paying off debts.”
Funds raised by the company
The San Francisco-based company Sundae has raised $135 million in total since its founding in August 2018 thanks to this round, which is the third funding it has received in the past 13 months.
In addition to QED Investors, other investors in the fundraising included Wellington Management, Susa Ventures, Founders Fund, First American Financial, Prudence Holdings, Crossover VC, Intersect Capital, Gaingels, and Oberndorf Ventures.
Sundae chose not to disclose the valuation at which its Series C was raised. It also failed to give specific income figures, merely stating that between June 2020 and June 2021, revenues rose by 600% year over year.
Companie’s market
Sundae refuses to say how much money from its Series C round was raised. Additionally, it steadfastly failed to give specific revenue estimates, stating only that from June 2020 to June 2021, revenues rose by 600% year over year.
The startup opened an exclusive online marketplace where investors may examine homes and make offers in the first quarter of this year.
An investor can access the whole inventory of properties, including details such as pictures, floor plans, 3D walkthroughs, and third-party inspection reports after they sign up to participate in the marketplace.
The business intends to use its new funding in the future to invest in its platform, expand into other areas, and “raise brand awareness.” Of course, it also has intentions to increase the 180 staff who are now employed there.
Partner at Fifth Wall Vik Chawla thinks Sundae is catering to a section of the residential real estate market that has traditionally been underserved.
Conclusion
Sundae, a new company that utilizes data, machine learning, and technology to connect consumers and builders of residential real estate, has raised $80 million in Series C funding.
The round was led by Tiger Global Management and includes participation from Goldman Sachs, which led the company’s $60 million Series B in March 2017. This brings Sundae’s total funding to just over $130 million.
The business intends to use its new funding in the future to invest in its platform, expand into other areas, and “raise brand awareness.” Of course, it also has intentions to increase the 180 staff who are now employed there.
At Sundae, we are dedicated to making the process of buying or selling a home as easy as possible. With our dedicated team, we are focused on simplifying every aspect of your real estate transaction to make your life easier.
We look forward to partnering with you on your next home purchase or sale!
Faqs
The housing market, also known as the real estate market, brings together different stakeholders, which are: the homeowners who are selling their properties, the renters, the real estate investors who buy and sell properties solely for investment purposes
Sundae is funded by 32 investors. Alex Caruso and Matt Chapman are the most recent investors.
In an interview, CEO and co-founder Josh Stech, who describes the business he is in as the “homes that need love segment”, declined to talk about the company’s valuation.
January 2019
