Digital Mortgage Company Tomo Raises $40M In Seed Round

Tomo Networks, a fintech startup looking to join the growing number of digital mortgage solutions raised $40 million in seed round funding, led by Ribbit Capital, NFX and Zigg Capital.

Tomo is looking to create a fully digital mortgage platform in hopes to streamline homebuying for both the consumer and their real estate agent, according to a press release. The company is looking to approach its platform by having it be human-driven but technology-enabled.

The company was founded by former Zillow executives Greg Schwartz and Carey Armstrong.

"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 and co-founder Greg 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."

"Our mission is to invest in the leading teams and companies who are transforming the financial services industry. This area is ripe for change and this team has the revolutionary energy, industry know-how and experience to get it done," said Nick Huber, partner at Ribbit Capital.

Additionally, Tomo will be hiring across the country with concentrated teams in Austin, Texas; Seattle, Washington and Stamford, Connecticut.