Sundae, a San Francisco, CA-based residential real estate marketplace, for sellers of distressed property to get the best price for their home, raised $16.55m in Series A funding.
The round was led by QED Investors, with additional participation from Founders Fund, Susa Ventures, and a number of high profile real estate and FinTech investors and entrepreneurs.
The company intends to use the funds to expand to new markets across the U.S.
Founded in August 2018 by veteran real estate and marketplace executives Josh Stech and Andrew Swain, Sundae provides a residential real estate marketplace focused on helping sellers of distressed property get the best price for their home through a a streamlined process. With Sundae, there are no closing costs or agent fees, and homeowners can skip home repairs, cleanings, and showings. The company also provides a $10,000 cash advance before closing to help homeowners with moving costs or other expenses. In addition to providing a marketplace to connect sellers of distressed property to the best buyer, the company also operates as a property investor and will purchase, renovate, and resell properties through its resale brokerage Sundae Homes. Since launching in January 2019, the company has grown and today operates across Southern California with offices in San Francisco, CA and Manhattan Beach, CA and Atlanta, GA.