US-based starup Tomo Networks has raked in $40m in seed funding round to improve home buying experience for both the consumer and their real estate agent.
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.
The startup will use human-driven, technology-enabled approach to help improve the mortgage lending process.
It will use the fresh funds to hire people across the US, with plans to focus on establishing teams in Seattle and Connecticut.
Tomo Networks co-founder and CEO Greg Schwartz said: “Buying a home is a lousy experience. Despite years of tech companies focusing on real estate, the overall process has not changed enough.
“We dream about the life we will build in our new home yet dread the process of getting there. Tomo will give us what we want and deserve: the efficiency of a tech-enabled real estate transaction and the intimacy of having a team of elite professionals on our side.”
Tomo – which was founded former Zillow executives Greg Schwartz and Carey Armstrong – will reveal more details in the early 2021.
The founding team also includes USAA, MINI, eXp Realty, Goldman Sachs, Nordstrom and Convoy alums.
Ribbit Capital partner Nick Huber said: “We are very excited to invest in the idea and team behind Tomo.”
NFX general partner Pete Flint said: “I have known this team for more than a decade and they will deliver on the movement my team and I drove when we founded Trulia, to delight customers with transformational digital experiences related to the real estate transaction.”