Car-Free Cities Startup Culdesac Raises $30M Series A therealdeal.com
Culdesac, a startup with the lofty ambition of building America’s first car-free city, hauled in $30 million in Series A funding.
Surveys suggest a majority of Americans want to live in walkable neighborhoods, but don’t. Tempe, Arizona-based Culdesac is betting that it can help them take that leap.
“With record increases in congestion, loneliness, traffic fatalities, and global warming, building a new option for the way we live has never been more important,” the company said while announcing its Series A Thursday.
The funding will help the startup raise its first $2 billion in debt and realize its vision beyond its first “post-car neighborhood,” Culdesac Tempe, which will open in a few months. Khosla Ventures led the round, with participation from Founders Fund, Byers Capital, Zigg Capital, Initialized Capital and homebuilder Lennar’s venture arm, LENx.
Residential real estate has been fertile ground for proptech investment and innovation during the pandemic, but much of it has focused on improving existing models — making homes and neighborhoods smarter and more efficient, not necessarily more idyllic. Culdesac, which describes itself as a company at the intersection of technology, real estate and culture, wants to rewrite the blueprint.