The US-based Abodu, a real estate and home service startup, announced that it raised USD 20 Million in a seed funding round on July 15, 2021. This funding round was led by Norwest Ventures Partners.
This funding round saw the participation of former Stockton, California Mayor Michael Tubbs, Redfin CEO Glenn Kelman, Paradox Capital’s Kyle Tibbitts, and GGV investor Hans Tung. The previous backer, Initialized Capital, did the financing in this round.
Abodu is planning to expand in San Diego in the near future.
About Abodu –
Abodu is headquartered in Redwood City, California, it was founded in 2018 by John Geary and Eric McInerney. The startup is building prefabricated Accessory Dwelling Units (ADUs), to serve as a “one-stop-shop” for building homes in the backyard.
The startup claims to offer a faster and cheaper process than if one backyard home from start to finish. Specifically, it claims that the ADUs can be installed in the backyard homes in just 10% of the time of a traditional backyard home to be built.
Abodu is active in the market and actively selling and building ADUs since the fall of 2019. It has built “dozens and dozens” of units in the ground, according to CEO and co-founder, John Geary.
The startup offers three products which include a 500-sq ft. one bedroom and bath; 340-sq ft. studio; and 610 sq ft two-bedroom unit; every unit has a kitchen and a living space included.
The pricing of the unit provided by Abodu starts at USD 190,000, but an average project costs around USD 230,000, Geary stated, inclusive of the site and permits work.
“During the pandemic, multigenerational living has been at an all-time high. There are acute family needs that people are trying to solve,” Geary said. “In addition, folks are earning extra money by renting them out to members of the community such as teachers or firemen, a single person or younger couple.”
“We decided early on that we didn’t want to reinvent the wheel from the construction standpoint,” Geary said. “Instead, we looked at ‘how can we solve for speed and ease?’ ”
“John, Eric, and their team manage the end-to-end process of permitting, building, and installing on behalf of their customers, and with the expedited permitting that Abodu has been granted in over two dozen cities, it has faster time-to-installation than other ADU market participants. The result has been very high levels of customer satisfaction and rapid growth.” – he further added.
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