- Sundae — a residential real estate marketplace that is focused on helping sellers of distressed property get the best price for their home through a reliable and worry-free process — announced that it has raised $36 million in Series B funding led by QED Investors
Sundae — a residential real estate marketplace that is focused on helping sellers of distressed property get the best price for their home through a reliable and worry-free process — announced that it has raised $36 million in Series B funding led by QED Investors with additional participation from Founders Fund, Susa Ventures, Navitas Capital, Prudence Holdings, and General Global Capital. And this round of funding closes on the company’s heels of Sundae’s $16.5 million in Series A funding — which was announced in June of this year.
Sellers of dated or damaged properties have had limited options when selling a home that requires renovations and repairs before a new family can move in. However, Sundae offers sellers a transparent and trusted way to sell without the hassle of home repairs, cleanings, and showings. Rather than talking to multiple small mom-and-pop property investors to find the right buyer, Sundae does the hard work for them by exposing the property to a large pool of qualified buyers in order to ensure sellers get the highest price investors are willing to pay.
As the nation is facing the uncertainty of a post-pandemic economy, owners of distressed properties increasingly need help working through their best home selling options. And to give sellers maximum flexibility, Sundae offers a $10,000 cash advance before closing to help with moving costs or other expenses. There are no closing costs or agent fees, and homeowners can close in as quickly as 10 days and choose to remain in the home for weeks after the sale.
Sundae plans to use the funding to expand its business to help more homeowners and the company is actively hiring across all departments.
KEY QUOTES:
“Since our Series A financing earlier this year, Sundae’s marketplace has seen record growth. Our momentum speaks to the massive need for a more reliable way for sellers of homes that need love. Many property investors continue to take advantage of sellers who don’t have the time or resources to get their house market-ready. With this new funding we’re thrilled to continue on our mission to help owners of dated or distressed property get a fair price for their home without any work or worry.”
— Josh Stech, Sundae Co-Founder and CEO
“The concept of homeownership is fundamentally changing. This is particularly true given COVID-19 which has caused more uncertainty and forced people to rethink their real estate decisions. Homeowners are looking for solutions that make the selling process more efficient, transparent, and reliable, particularly for the distressed property segment. Sundae’s rapid growth is a testament to their differentiated offering and the trusted brand they’ve created through a customer-centric approach to the market.”
— Frank Rotman, founding partner at QED Investors
