Tomo, a fintech startup centered on the acquisition mortgage sector, introduced elevating a $40 million Collection A led by SVB Capital, in accordance with a press launch shared with FinLedger.
The fundraise greater than doubles Tomo’s valuation to $640 million. It included participation from present traders Ribbit Capital, NFX and Zigg Capital. New traders Telesoft Companions and proptech VC Parker89 additionally participated within the spherical, which brings Tomo’s total funding raised to date to $110 million. The corporate just lately raised a $70 million seed spherical in June 2021.
Tomo says it’ll use the brand new capital to proceed investing in its software program growth, knowledge science and business relations, and proceed its push to launch its platform in all 50 states.
“We’re maniacally centered on enhancing the acquisition mortgage expertise and have by no means been distracted by the non permanent earnings of the refi enterprise. As properties proceed to promote at a speedy clip, this focus has allowed us to sidestep the dysfunction that many lenders now discover themselves in and to make large leaps ahead in serving homebuyers and partnering with actual property brokers,” acknowledged Greg Schwartz, Tomo’s chief government officer and co-founder, within the launch.
The corporate has expanded to seven states because it was based in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, and plans to be in half of all U.S. states by the tip of the yr. The discharge famous it now supplies service in Michigan and Ohio, following current information that Tomo had expanded to Florida, Colorado and Connecticut.
“In lower than a yr since they launched their on-line platform, the crew at Tomo has confirmed they’ve the drive and the expertise to rework the mortgage business,” stated Tilli Bannett, managing accomplice at SVB Capital.
“And that’s why SVB Capital led this spherical, after investing within the firm’s seed spherical. We consider they’re constructing an organization that may reshape how individuals purchase properties,” Bannett stated.
Tomo added that in 2021, it closed 100% of its loans on time. It additionally stated that it “delivers homebuyers nice charges, costs no lender charges, supplies quick and correct underwriting and private service seven days every week, 14 hours a day.”
FinLedger just lately spoke with Tomo CEO Greg Schwartz concerning the firm’s ongoing journey, enlargement plans and its huge objectives for the long run. You could find that Q&A interview here.
In different current proptech information, Porch announced plans to buy a stake in Residential Guarantee Companies for $33 million. Startup HonestDoor additionally raised a $2.2 million seed round for its Canadian actual property valuation platform.