Distressed-property startup Sundae raises $80M in Series C round

Real estate marketplace matches buyers and sellers

National /
Jul.July 22, 2021 10:15 AM
Sundae co-founders Josh Stech and Andrew Swain (Sundae via LinkedIn)

Sundae co-founders Josh Stech and Andrew Swain (Sundae via LinkedIn)

Sundae, a real estate marketplace linking sellers and buyers of dated or damaged properties, raised $80 million in a recent Series C funding round.

The funding round was led by Fifth Wall and General Global Capital. The technology company has now raised $135 million since August 2018, according to TechCrunch.

The company, based in San Francisco, did not reveal the valuation upon which the Series C funding round was based. Sundae did report a 600 percent revenue increase from June 2020 to June 2021.

Sundae aims to help people unload distressed properties, especially sellers in a rush and at risk of not getting full value. Sundae serves as an intermediary between investors and sellers, with only qualified off-market purchasers able to see properties on the marketplace.

The company then provides a $10,000 advance to sellers after a property inspection is completed. The company makes money by charging a fee to buyers when they are “assigned” a property.

Sundae operates in 14 markets across the United States. It will use the new capital to expand, invest in the platform, market the company and add to its 180-person workforce.

Sundae had raised $36 million in its Series B funding round in December. Celebrity angel investors including actor Will Smith, the NBA’s Klay Thompson and American soccer star Weston McKennie participated in the latest funding round.

[TechCrunch] — Holden Walter-Warner





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