Sumutasu, a Tokyo, Japan-based direct online real estate purchase platform, raised a total of $10m in Series B funding.
The stated amount includes $1.6m of debt secured from the Japan Finance Corporation.
The round was co-led by existing investor World Innovation Lab (WiL) and new investor Mobile Internet Capital. Several other new investors have joined the round, including Mercuria Investment, Carta Ventures, Kiraboshi Capital, and other investors. With this funding round, the total funds raised have reached $16m.
The company intends to use the funds to expand to adjacent areas such as mortgage brokering services and broaden its geographic coverage.
Led by CEO and co-founder Takahiro Sumi and COO and co-founder Tomoya Ito, Sumutasu provides a direct online real estate purchase platform for homeowners. By using an online valuation algorithm and purchasing properties directly, it can make an offer on a home in as little as one hour and conclude the purchasing process in as little as two days. The platform also enables users to buy renovated condominiums without paying any brokerage fees. Since 2018 and has received over 10,000 home appraisal requests to date, with the total monetary value of appraisals approaching $3 billion.