Digital Mortgage Company Tomo Raises $40M Seed Round; Investors Include Ribbit Capital and NFX

Founders are former Zillow execs Greg Schwartz and Carey Armstrong; Startup aims to improve the complete home buying experience

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Tomo Networks, Inc.

Oct 28, 2020, 09:04 ET

STAMFORD, Conn., Oct. 28, 2020 /PRNewswire/ -- Tomo Networks, a fintech startup that will improve the homebuying experience, initially as a digital mortgage and transaction company, today announced it has raised a seed round of $40 million led by Ribbit Capital, NFX and Zigg Capital.

Despite decades of focus by companies looking to improve the real estate transaction experience, buying a home and all the important steps associated with it remain time-consuming, confusing and stressful. At the heart of this stress is the mortgage process. Tomo will be a digital mortgage company with a full platform to streamline home buying for both the consumer and their real estate agent.

Tomo will use an approach that is human-driven, technology-enabled and ambitious in its scope. Tomo was founded by former Zillow executives Greg Schwartz and Carey Armstrong. 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 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."

"We are very excited to invest in the idea and team behind Tomo," said Nick Huber, partner at Ribbit Capital. "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."

"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," said Pete Flint, general partner at NFX. "It's time to get it done and NFX is excited to partner with this exceptional team."

Institutional investors include: Ribbit Capital, NFX, Zigg Capital and SVB Capital. Individual investors include hedge fund luminaries Alex Sacerdote, Kurt Mobley & 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, Seattle and Stamford, Conn.

More details about Tomo will be available in early 2021.

About Tomo

Tomo Networks Inc. (DBA: Tomo) is a fintech startup that improves the homebuying experience.Tomo will provide 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 was created by Greg Schwartz and Carey Armstrong and in October 2020 announced a $40 million seed round. Tomo's team is dedicated to the philosophy of Omotenashi -- anticipating the customer's needs and meeting them before the customer is even aware they exist. For more information, visit tomonetworks.com

SOURCE Tomo Networks, Inc.