Sumutasu Raises $10M in Series B Funding
Sumutasu, an online direct real estate platform based in Tokyo, Japan, raised $10m in Series-B funding. The amount stated includes $1.6m in debts secured from Japan Finance Corporation. World Innovation Lab (WiL), an existing investor, and Mobile Internet Capital were the co-leaders of the round. Mercuria Investment joined the round along with Carta Ventures and Kiraboshi Capital. The total amount raised by this round has reached $16 million. The funds will be used by the company to expand into adjacent areas, such as mortgage brokering and to broaden its geographical coverage. Sumutasu is led by Takahiro Sumi, CEO and cofounder, and Tomoya Ito (COO and cofounder), who provide a direct online platform for homeowners to purchase real estate. It works by using an online valuation algorithm, and can place an offer on a property in just one hour. This allows it to close the purchase process in two days. You can also buy condos that have been renovated without any brokerage fees. The platform has received more than 10,000 home appraisal requests since 2018, with the total value of appraisals reaching $3 billion.