Two former Zillow chiefs have created a new company that aims to use technology to eliminate the complexity of real estate transactions, and it’s being backed by a hefty $40 million it has raised in seed funding.
Trulia co-founder Pete Flint, former Zillow CEO Spencer Rascoff, Ribbit Capital and Zigg Capital led the funding for Tomo Networks, which describes itself as a “digital mortgage and transaction company”.
Tomo Networks, which was founded former Zillow executives Greg Schwartz and Carey Armstrong, has said it will use an approach that is human-driven, technology-enabled and ambitious in its scope.
"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."
Tomo Networks is kicking off with a digital mortgage product that’s focused on data, automation and third-party integrations. Its founders say they want to become the PayPal of the mortgage industry, and help to streamline home buying for both the consumer and their real estate agent.
“We’re going to move from a document management approach to data management approach,” Schwartz told GeekWire in an interview. “People shouldn’t dread the transaction. They should dream about the home, and it’s our job to make them feel that way.”
Tomo Networks has headquarters in Seattle, Austin, Texas, and Stamford, Connecticut, and currently employs about 20 people.