US Based Mortgage fintech startup Tomo Networks has raised $40m in seed funding. The funding round was led by Ribbit Capital, NFX and Zigg Capital. Other individual investors, who also participated in the round include, hedge fund luminaries Alex Sacerdote, Kurt Mobley and Eli Weinberg, former Zillow CEO Spencer Rascoff, and Ackerley Partners’ Ted Ackerley.
Tomo Networks was founded by CEO Greg Schwartz and CRO Carey Armstrong, former executives at online real estate firm Zillow. It aims to sit neatly between consumers and real estate agents to streamline the often byzantine financial processes at the heart of buying a home.
The company says it will remain human-driven, but technology-enabled. It aims to bring a system that pre-empts and levels out friction during the mortgage process.
Funds will be used for a nationwide hiring process in the US, with plans to centre teams in Austin, TX, Seattle, WA, and Stamford, CT.