Category: wellington management

Sundae closes on $80M for residential real estate marketplace



Sundae, a residential real estate marketplace that pairs sellers of dated or damaged property with potential buyers, has raised $80 million in a Series C funding round co-led by Fifth Wall and General Global Capital.

QED Investors, Wellington Management, Susa Ventures, Founders Fund, First American Financial, Prudence Holdings, Crossover VC, Intersect Capital, Gaingels and Oberndorf Ventures also participated in the financing. The round marks San Francisco-based Sundae’s third financing in a 13-month time frame, bringing its total raised since its August 2018 inception to $135 million. 

The San Francisco-based company declined to reveal at what valuation its Series C was raised. It also declined to provide hard revenue figures, saying only that it saw a 600% year-over-year increase in revenue from June 2020 to June 2021.

The startup aims to help people who need to sell dated or “damaged” properties for a variety of reasons — such as job loss, illness or divorce. In some cases, according to CEO and co-founder Josh Stech, such vulnerable sellers get taken advantage of by “predatory fix and flippers” seeking to capitalize on their misfortune. 

Since sellers in these situations don’t typically have the funds to fix up their properties before selling, Sundae lists the property for them on its platform – serving as an intermediary between sellers and investors. There, it is visible to about 2,600 qualified off-market buyers.

The company essentially aims to aggregate demand from “fix and flippers,” who use the marketplace to bid against each other for distressed properties. (Read more...)

Kids-focused fintech Greenlight raises $260M in a16z-led Series D, nearly doubles valuation to $2.3B



Greenlight, the fintech company that pitches parents on kid-friendly bank accounts, has raised $260 million in a Series D funding round that nearly doubles its valuation to $2.3 billion.

The funding comes just months after the Atlanta-based startup landed $215 million in funding at a $1.2 billion valuation. With the latest round, Greenlight has now raised over $550 million.

Andreessen Horowitz (a16z) led its Series D, which also included participation from return backers TTV Capital, Canapi Ventures, Wells Fargo Strategic Capital, BOND, Fin VC, Goodwater Capital, as well as new investors Wellington Management, Owl Ventures and LionTree Partners.

Since it launched its debit cards for kids in 2017, the company has managed to set up accounts for more than 3 million parents and children, who have saved more than $120 million through the app. That’s up from 2 million parents and kids having saved $50 million at the time of its September 2020 raise.

Overall, Greenlight says it has “more than tripled” YoY revenue, more than doubled the number of parents and kids on its platform and doubled the size of its team within the past year. 

Image Credits: Greenlight

“Greenlight has quickly emerged as a leader in the family finance category,” said Andreessen Horowitz general partner David George, who will join Greenlight’s board of directors, in a written statement. “Greenlight was built to help parents raise financially-smart kids, and with its breakthrough combination of easy-to-use money management tools and educational resources, the company is well-positioned to become (Read more...)