A Note From Esusu’s Co-Founders
Esusu raises $130 million Series B at a $1 billion valuation
Today we are proud to announce that Esusu has raised $130 million at a $1 billion valuation. This Series B financing provides Esusu with the capital to execute on our mission of dismantling barriers to housing for working families, and work towards our vision of unleashing the power of data to bridge the racial wealth gap. This fundraise makes Esusu one of the few Black-owned startups to reach unicorn status both in the United States and globally.
We founded Esusu in 2018 with the premise that no matter where you come from, the color of your skin, or your financial identity it should never determine where you end up in life. In the United States, credit is fundamental to financial stability, access to housing, and upward mobility. Unfortunately, the current system leaves millions behind who are credit invisible, thin-file, or otherwise credit-challenged precluding them from accessing quality financial products.
Esusu’s platform enables renters to build financial identity, reach financial stability, and ultimately move towards wealth creation. Reaching over 2.5 million rental units across all 50 states, Esusu’s platform provides a win-win solution for landlords and renters alike. The Series B fundraise will enable the firm to scale the team, accelerate new product development, and grow our reach across the rental market.
We are thrilled to partner with our lead investor SoftBank Vision Fund 2 for this next stage of growth alongside other new investors including Jones Feliciano Family Office, Lauder Zinterhofer Family Office, Schusterman Foundation, SoftBank Opportunity Fund, Related Companies, and Wilshire Lane Capital. Furthermore, we are grateful that existing investors Concrete Rose Capital, Equity Alliance, Impact America Fund, Motley Fool Ventures, Next Play Ventures, Serena Ventures, Sinai Ventures, and TypeOne Ventures have elected to double down on their investment in Esusu.
Before we share more about the drivers behind our fundraise, we would like to express our deepest gratitude to the Esusu team, partners and customers.
Why raise additional capital?
Esusu decided to take on additional capital after announcing a $10 million Series A round last July led by Motley Fool Ventures Managing Partner Ollen Douglass. The Series A round positioned the company to accelerate market adoption and become the leading platform in the sector. To scale and create the most comprehensive financial health platform for renters and owners, we needed to invest in our team, platform, and partnerships to achieve this goal. With plans to triple our employees, Esusu will use this Series B capital infusion to scale the team, turbocharge growth through product innovation, and build the most comprehensive financial health platform in the market.
Scaling Our Impact
Esusu is experiencing rapid growth. In November 2021, we announced a joint initiative with Freddie Mac Multifamily to help more renters build financial stability by encouraging owners of multifamily properties to report on-time rental payments. On the heels of this groundbreaking collaboration, our team continues to see a surge of interest from property owners, managers and renters.
Esusu currently works with 35% of the largest landlords on the National Multifamily Housing Council (NMHC) list. Partners include BH Companies, Camden Property Trust, Cushman & Wakefield (formerly Pinnacle), GoldOller, Goldman Sachs Asset Management, Harbor Group, L+M Development Partners, Jonathan Rose Companies, Morgan Properties, Related Companies, Starwood Capital Group, Stoneweg, Winn Residential, and more.
At Esusu, we envision a world without housing evictions and homelessness. We are excited to enhance our platform to help more property owners and operators improve net operating income, retain residents over time, and attain crucial ESG goals. As ever, we remain unshakable in our commitment to keeping families in their homes, all while building financially healthy communities for renters and property owners alike.
Growing Our Team
As we prepare for the largest growth phase in Esusu’s history, we are hiring across many departments, including Engineering, Data Science, Product, Operations, Marketing, Human Resources, Account Management, and Sales. Our entrepreneurial and collaborative culture welcomes justice capitalists who are passionate about leveraging the power of innovation, data, and business to do good in the world. We are always looking to hire people who embody our mission, vision, and values to join the Esusu Team.
The best is still yet to come!
Wemimo Abbey and Samir Goel, Co-founders & Co-CEOs