Abodu Series A Funding Announcement
Co-founder and CEO at Abodu
August 19, 2020
ABODU, FUNDING, TEAM
The first half of 2021 has been an eventful year in the Abodu office! We’ve grown our operations to support two new geographies – Southern California and the Pacific Northwest. We’ve already doubled our headcount to 30 employees this year and expect to double it again before 2022. We launched Abodu Quickship – the hands-down fastest way to add an ADU to your property in California, and frankly, the fastest way to add a unit of housing, period. But most importantly, we’ve put dozens and dozens of new ADUs in the ground across California (and soon in Washington!). Our goal is to deliver 1000+ new units of housing annually, and we are tracking towards that goal quite well.
Today, we announce the closing of our $20M Series A round of financing, led by Norwest Venture Partners. Norwest has an outstanding track record of investing in the housing space, with investments in companies like Opendoor, Homestead, and Fly Homes to name a few, and we couldn’t be more thrilled to welcome the Norwest team to join our mission. As part of the deal, Jeff Crowe from Norwest has joined our board. In addition, Initialized Capital (our Seed investor) has doubled down and continues to share our vision of making backyard homes the norm, rather than the exception. We are also proud to welcome some stellar individual investors, including Glenn Kelman (CEO, Redfin), Michael Tubbs (former mayor, Stockton), Kyle Tibbits (first marketing hire, Opendoor), and Xffirmers (syndicate of early Affirm employees). This funding will allow us to design new products, serve new geographies and continue to develop innovative methods to deliver housing throughout the country.
While today is our formal announcement of the funding round, this is only one small milestone on Abodu’s long-term journey – to add scalable housing throughout the country. We have lots of work to do and will continue to serve homeowners looking for more livable space, fast.Stay tuned!
-John and Eric