Cloudvirga Raises $50 Million in Latest Round of Funding
May 17, 2018
Cloudvirga has announced the closing of a $50-million Series C funding round led by private-equity firm Riverwood Capital with ongoing participation from Upfront Ventures. The new funding will support Cloudvirga’s mission to help lenders reduce record-high loan production costs via automation and empower borrowers with greater transparency and engagement in the mortgage transaction.
“We believe the material opportunity in the $1.6 trillion U.S. mortgage market lies in digitizing and automating not just the loan application, but the mortgage factory,” said Cloudvirga Chief Executive Officer Michael Schreck. “Our industry’s current ‘shiny object syndrome’ has resulted in a preoccupation with the digital application. Instead, Cloudvirga’s technology uniquely tackles the mortgage cost problem, which has helped us garner tremendous interest from many of the country’s top private-equity funds.”
Cloudvirga had previously raised over $27 million, including a nearly $20 million Series B led by Blackstone Group portfolio company Incenter and a $7.5 million Series A led by Upfront Ventures, Tribeca Angels and Dallas Capital. Cloudvirga’s total investment support now exceeds $77 million.
“Ultimately, we found our ideal capital partner in Riverwood Capital, whose unique experience supporting rapidly growing fintech firms from both Silicon Valley and New York is a perfect fit for Cloudvirga,” said Schreck. “We are also grateful for Upfront Ventures’ ongoing confidence in our company.”
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