Two former Zillow heads have joined forces to develop a new company and that company just raised $40 million in a seed funding round.
Dubbed Tomo Networks, this platform is a technology-driven real estate company that focuses on the acute needs of the consumer. Greg Schwartz and Carey Armstrong, the two founders, describe the platform as a fintech startup but whatever else it covers is still under wraps.
Trulia’s Co-Founder, Pete Flint, was a leading backer, with other investors including former Zillow CEO, Spencer Rascoff. The round was led by Ribbit Capital, Zigg Capital, and Flint’s company, NFX.
Like many who start new real estate platforms, Schwartz saw continued problems and holes within the process and knew what needed to be done to answer those issues and fill in the gaps to make a better platform for consumers.
Tomo Networks' first product was a digital mortgage feature, backed by data, automation, and third-party API integrations. The goal is to conceal the complex real estate transaction process from the homebuyer, kind of like online money movers like Cash App and PayPal.
“We think that there’s going to be an incredible set of value created by marrying automation with people-driven advocacy. And we think there’s some real innovation to drive by providing an e-commerce-like platform with real estate agents and loan officers and consumers directly, in a tightly-coupled solution.”