Total amount raised
$135.7 Millions
Latest funding date
Location
Sundae has successfully raised funding through multiple rounds, including a Series C, with the support of 32 investors. The platform offers a unique real estate marketplace that allows homeowners to sell their properties as-is, without the need for repairs, cleanings, or showings.
Keep reading to explore the intricacies of Sundae's fundraising journey and the investors backing this innovative platform.
What Is Sundae?
Sundae, founded in August 2018 by Andrew Swain and Josh Stech, is a residential real estate marketplace based in San Francisco, California. The company helps homeowners sell their properties quickly and for the best price without the need for repairs, cleanings, or showings.
With a team of 51-100 employees, Sundae offers a platform that connects home sellers with a large network of local investors, ensuring homeowners get the highest possible off-market price for their homes. The process is designed to be transparent, simple, and fast, providing a hassle-free experience for sellers.
Operating in various locations across California and Texas, Sundae's mission is to help homeowners get a fair deal through a competitive cash offer and a flexible closing timeline. The company emphasizes its commitment to transparency and customer satisfaction, making it a trusted choice for those looking to sell their homes as-is.
How Much Funding Has Sundae Raised?
- Seed Round
- Amount Raised: $3.2M
- Date: January 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial platform.
- Series A
- Amount Raised: $16.6M
- Date: June 2020
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform and increase market reach.
- Series B
- Amount Raised: $36M
- Date: December 2020
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology.
- Series C
- Amount Raised: $80M
- Date: July 2021
- Lead Investors: Fifth Wall, General Global Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new markets and invest in marketing and platform features.
Total Amount Raised: $135.8M
Current Valuation: Not publicly disclosed
Key Investors
- Fifth Wall
- Details: Fifth Wall is a venture capital firm focused on technology for the global real estate industry. They aim to bridge the gap between the real estate and technology sectors.
- Investment Focus Areas: Real estate technology, property management, construction, sustainability.
- Notable Investments: Opendoor, Lime, Industrious.
- General Global Capital
- Details: General Global Capital is a venture capital firm that invests in early-stage and growth-stage companies. They have a diverse investment portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Not specified in the sources.
- QED Investors
- Details: QED Investors is a leading venture capital firm focused on early-stage, disruptive financial services companies. They have a strong track record in the fintech sector.
- Investment Focus Areas: Fintech, financial services.
- Notable Investments: Credit Karma, SoFi, Avant.
- Wellington Management
- Details: Wellington Management is one of the world’s largest independent investment management firms. They manage a broad range of asset classes.
- Investment Focus Areas: Equities, fixed income, alternatives.
- Notable Investments: Not specified in the sources.
- Susa Ventures
- Details: Susa Ventures is an early-stage venture capital firm. They focus on investing in technology startups with high growth potential.
- Investment Focus Areas: Technology startups.
- Notable Investments: Robinhood, Flexport, Andela.
What's Next for Sundae?
With a recent $80 million Series C funding round, Sundae is poised to seize significant opportunities in the real estate market. The company plans to expand into new cities, enhancing its platform with features like real-time bid viewing and construction cost estimation. This expansion could attract more homeowners and investors, leveraging the growing demand for online real estate marketplaces.
Future fundraising seems promising, given the substantial backing from high-profile investors. As Sundae scales, it may continue to attract investment to support its growth and technological advancements. However, challenges such as market fluctuations and competition from other platforms could pose hurdles. Staying ahead with continuous innovation will be crucial for Sundae's sustained success.
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