The funding will help Sundae to expand its business into new urban markets in the US. Here are the top-line bullets you need to know.
Sundae, a real estate tech company, has raised $80M in a Series C. The round drew participation from Fifth Wall Ventures, General Global Capital, QED Investors, Crossover VC, and Founders Fund, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Sundae is a real estate marketplace that connects homeowners with real estate property dealers and investors to facilitate the trading of distressed or damaged residential properties.
- The company reportedly witnessed a 600% year-on-year increase in revenue from June 2020 to June 2021.
- It currently operates in 14 markets across the states of Florida, Colorado, Georgia, Texas, and Utah, catering to almost 2,600 qualified off-market buyers.
- The company currently employs 180 people.
WHY DOES THE MARKET MATTER?
- The global real estate software market is projected to grow at a CAGR of 5.7% and reach a value of $20.6B, according to Industry Arc.
- Reduced fees, along with investors’ easy access to affordable, high-quality real estate, and technological advancements, have contributed toward industry growth.