Tomo Networks, a fintech startup that wants to improve the homebuying experience, initially as a digital mortgage and transaction company, has raised a seed round of $40 million led by Ribbit Capital, NFX and Zigg Capital.
Founded by former Zillow executives Greg Schwartz and Carey Armstrong, Tomo said it will use an approach that is human-driven, technology-enabled and ambitious in its scope. The founding team also includes alumni of USAA, MINI (BMW Group), eXp Realty, Goldman Sachs, Nordstrom and Convoy.
“Buying a home is a lousy experience. Despite years of tech companies focusing on real estate, the overall process has not changed enough,” said CEO Schwartz. “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.”
Institutional investors include Ribbit Capital, NFX, Zigg Capital and SVB Capital. Individual investors include hedge fund luminaries Alex Sacerdote, Kurt Mobley and Eli Weinberg; former Zillow CEO Spencer Rascoff and Ted Ackerley of Seattle-based Ackerley Partners LLC.
Tomo is hiring across the country, with plans to concentrate teams in Austin, Texas, Seattle, Washington and Stamford, Connecticut. More details about Tomo will be available in early 2021.
