Sundae’s Series B Story: Helping Homeowners in Need

Today Sundae announces a $36 million round of Series B financing that will help us grow. This milestone is all about our customers.

Like many Americans in 2020, there was a point early in the year when I thought my business and life as we knew it were on the verge of disaster. My general tendency is to be an optimist. But in those difficult early days of March and April when everything turned upside down as we all faced the uncertainty of a global pandemic, I genuinely feared for the future.

That’s what makes today’s announcement of Sundae’s Series B financing even sweeter. Needless to say, this is a huge milestone for our company. Raising $36 million in venture funding, only a few months after our $16.5 million Series A round, gives Sundae an enormous opportunity to impact many lives in a positive way.

It’s also a big moment for our people — from our employees and investors to our extended network of friends, family, and colleagues. I’m honored to work among a team of such passionate and tireless dreamers and doers. Sundae’s people set the tone everyday by dedicating themselves to our mission and customers.

That last word is the operative one here. We owe our success and this latest milestone to the hundreds of families that have put their trust in us as Sundae customers.

The best outcome when selling

Delivering a superior experience for our customers, many of whom face the most trying circumstances life can throw at you, is at the center of what we do. From the start, our goal with Sundae was to provide home sellers a trusted and transparent alternative to a broken status quo.

For homeowners without the time, expertise, or money to update a house, the landscape of off-market homebuyers is a crapshoot. Predatory investors and unsophisticated flippers dominate the scene, and until now, no gold standard existed for sellers to turn to.

Sundae fills this gap in the marketplace by helping these previously neglected homeowners get a fair price for their house. We make every step in the process easy, and give sellers added flexibility on their closing timeline. Some sellers may be eligible to receive a cash advance.

As we say in our mission statement, Sundae exists to get homeowners the best outcome when it’s time to sell. Receiving our Series B investment tells me we are succeeding. And behind every success is a real family helped.

Their stories are our rallying cry

In reality, selling a house is more than just a transaction. It’s also a pivotal life moment. Owning a house carries great emotional and spiritual weight. When homeowners have to sell as a result of tragedy or financial peril, that weight is even heavier.

At Sundae, we believe we have a moral responsibility to treat our customers with tremendous respect, sensitivity, and care. This makes it all the more rewarding when we’re able to help a customer in need.

Our latest round of funding ensures that we have the opportunity to help even more customers, at a time when many Americans face incredible hardships. Every Sundae customer has a story to tell, and I’d like to share just a few of them here.

Pat T. and family

As the oldest sibling in her family, it fell on Pat to sort out her late, beloved mother’s estate. Dealing with a grieving family and a complicated financial dilemma involving a reverse mortgage on the house, Pat faced limited selling options. Thankfully, she found Sundae and got a favorable deal to sell the house. But she made a request that is not uncommon for us to hear. Pat asked that Sundae honor her mother’s memory by respecting the house even after the sale. As a token of good faith, we invited Pat and her family back to see the house after its renovation.

“In a few words, what a delightful experience working with Sundae. Many thanks to the wonderful people I met on my journey who helped me along the way. Thanks to the Sundae team. All of the promises were kept. I truly believe that the slogan is true. They showed a lot of love ❤️ for us, and for my mom ‘s home. I will recommend this company to anyone.” -Pat T.

David Y.

David and his family were facing an extremely difficult moment. David’s wife was diagnosed with cancer, and medical bills were starting to pile up. David decided that the best way to live a more comfortable life was to sell their three bedroom home and downsize into something smaller. He entertained offers from multiple investors, but kept thinking he was being lowballed. Finally, he found Sundae and received a fair offer and was eligible for a $10,000 cash advance to help his family.

“Sundae handled everything so professionally and wonderfully, and I’ve been very happy. It all went really smooth and quick.” -David Y.

Joel and Janet

Janet’s mother was getting on in years, and she was having trouble moving around. Unfortunately, the house she’d lived in for many years had two stories and a lot of stairs. Joel and Janet needed to sell the house on a flexible timeline, so they could both maximize proceeds and have time to find Janet’s mother an accessible place to live. Sundae met their demands, and allowed them plenty of time to find Janet’s mother a new home located conveniently nearby.

“Sundae is awesome. Straightforward, do what they say they’re gonna do. Pleasant to interact with. People of their word.” -Joel M.

The Roman family

The Romans decided to downsize from the house where they raised their children. But they also wanted to have some cash left from the sale of their house to leave their kids in a good financial situation. The house was not in great shape, and they simply didn’t have the funds to repair it to market-ready condition. Sundae made an offer that beat all others, and gave them time and space to figure out what to do with all their stuff.

“They were great. They came in and talked to us about our options and gave us time. When you think of people trying to get you out of a house, you think they’re going to be really pushy. But Sundae was really great.” -Ricarla R.

Jenny F.

Jenny was responsible for handling the affairs of her late father, including figuring out what to do with his house. She knew that selling to Sundae would come with a lower price than selling on the traditional MLS, but selling with a realtor would require a full renovation. As a working mom, Jenny had little time or mental energy to go through with that. So she sold the house to Sundae instead and told us that she never regretted the decision for one second.

“I found Sundae, read some reviews and decided to go with them. I’m glad I did. They ended up being very caring and, most importantly, easy peasy. I didn’t have to do any extra work. I just took what I wanted and left.”

These are just a handful of examples of the many homeowner stories we encounter every day. They fill us with hope, inspiration, and most importantly, motivation to keep doing what we’re doing. We believe the Sundae mission is worth fighting for, and after an eventful roller coaster of a year, today’s announcement fills me with gratitude that others agree.

Special thanks go out to QED Investors, Founders Fund, Susa Ventures, Navitas Capital, Prudence Holdings, General Global Capital, and every one of our investors that have been with us since the beginning. We couldn’t do it without your support.

And finally, a heartfelt thanks to my family. My mom, dad, brother, wife, and 2 young boys have always believed in my dreams. Their support has made all the difference.

Here’s to helping more families in 2021!

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Josh Stech

Sundae's co-founder and CEO, Josh has a history leading companies that operate at the intersection of real estate and technology. Prior to Sundae, Josh was Founding Partner and SVP of Sales at LendingHome, and before that, he was Co-Founder and CFO of Purpose Built Investments. Josh graduated with honors from Stanford with a BA in Economics, BA in Spanish, and an MA in Latin American Studies with a focus in Economic Policy.