Tomo’s seed round hits $70M as ex-Zillow leaders aim to digitize mortgage process for homebuyers
Summary
Speed matters: The idea is to use data and software to accelerate the purchase process and help get buyers to a stronger position as they compete with other offers in a red-hot real estate market that has sparked intense bidding wars for homes. Tomo faces competition from traditional mortgage providers and also more similar tech-fueled startups such as Accept, Lower, Maxwell, Lenda, SoFi, and others aiming to digitize real estate processes and give buyers an edge. Leadership: Schwartz spent 13 years at Zillow, helping the Seattle company grow into a real estate database behemoth. Armstrong joined Zillow in 2013 and also held multiple leadership roles, including director of product management, head of corporate development, and vice president of the company’s nearly $1 billion Premier Agent business. Schwartz, CEO of Tomo, told GeekWire in October that he was proud of what he and his colleagues accomplished at Zillow, but “there was unfinished business for me and my friends in making the real estate transaction fundamentally more comfortable.” Funding: Tomo said it had raised $30 million in October, and added another $40 million since then.