- Companies
- Tomo
Last Tomo valuation
$640M
Series A · Mar 2022
Last Tomo funding round
$20M
Series B · Mar 2025
Cumulative funding Tomo raised
$131M
across 4 funding rounds
Key investors in Tomo
NFX
Ribbit Capital
Zigg Capital
SVB Capital
DST Global
FJ Labs
About Tomo
Tomo is a New York-headquartered fintech firm revolutionizing residential real estate through Tomo Mortgage and Tomo Real Estate subsidiaries. Tomo Mortgage digitizes the entire lending process for rapid approvals and closings, while Tomo Real Estate functions as an AI-enhanced portal delivering visual insights and data-driven property recommendations. Launched in 2021, it streamlines the US home-buying journey at tomo.com.
Founded
2020
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$640M (Mar 2022)
Tomo Valuation
Tomo is currently valued at $640M, based on its Series A in March 2022.
The $40M round was led by SVB Capital, with participation from Parker89, Zigg Capital, TeleSoft Partners, Ribbit Capital and NFX.
Tomo's valuation has moved from $640M at its seed round in June 2021 to $640M in March 2022, across 2 priced rounds.
Tomo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2022 | Series A | $640M |
| Jun 2021 | Seed | $640M |
Tomo Funding History
Tomo has raised a total of $131M across 4 funding rounds.
Tomo's first fundraising round was a $41M seed round in October 2020. The most recent completed round was a $20M Series B in March 2025.
Tomo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Series B | FJ Labs; Ribbit Capital; NFX; DST Global; Progressive | $20M | - | Tomo Mortgage, a digital mortgage startup founded in 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, raised $20 million in a Series B funding round on March 11, 2025, led by existing investors Ribbit Capital, DST Global Partners, and NFX, with new participation from Progressive Insurance. This brings Tomo's total funding to $130 million. The company automates the mortgage lending process using AI and proprietary technology to speed approvals, reduce costs, eliminate origination fees, and offer interest rates 0.5% lower than industry averages, saving homebuyers an average of $4,000 at closing. Tomo positions itself as the 'PayPal for the mortgage industry' and operates in 31 states including D.C., with its December 2024 purchase unit volume ranking in the top 10% nationally. Despite a stagnant U.S. mortgage market with home sales at 10-year lows in 2023 and 2024, Tomo achieved 3.5x gross revenue growth last year compared to 2023, alongside significant customer growth and 250% loan volume increase to $404 million over the 12 months ending January 2025. The company has expanded to 94 employees across offices in New York (new HQ), Seattle, Detroit, and Stamford, Conn., and launched Tomo Real Estate, a home search portal powered by OpenAI technology, in February 2024. Tomo plans to use the new funding to expand product offerings, aggressively hire loan officers and mortgage professionals, and meet surging demand. Competitors include Valon Mortgage and Better Home & Finance. Investors praised Tomo's radical approach to mortgage automation, cutting processing delays and fees in ways unseen in the industry. |
| Mar 2022 | Series A | SVB Capital (lead); Parker89; Zigg Capital; TeleSoft Partners; Ribbit Capital; NFX | $40M | $640M | Tomo is a fintech startup founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, specializing in purchase mortgages with a platform offering rapid underwritten and verified pre-approvals without hard credit inquiries, aiming to streamline home buying in competitive markets. The company raised a $40 million Series A round on March 21, 2022, led by SVB Capital, with participation from existing investors Ribbit Capital, NFX, and Zigg Capital, plus new investors Telesoft Partners and Parker89, bringing total funding to $110 million following a $70 million seed in June 2021. This round more than doubled the company's valuation to $640 million post-money from $312 million previously, with proceeds allocated to software development, data science, industry relations, hiring across engineering, product, sales, and expansion efforts. At the time of the Series A, Tomo operated in seven U.S. states including recent launches in Michigan, Ohio, Florida, Colorado, and Connecticut, covering nearly a third of the market, and planned nationwide rollout to all 50 states by year-end while adding jumbo mortgages up to $3 million. The company employed 150 people across offices in Seattle, Austin, and Stamford, Connecticut, positioning itself as a 'PayPal for the mortgage industry' focused exclusively on purchase loans to avoid refinance market volatility amid rising interest rates. Tomo differentiated by sidestepping refi distractions, enabling growth in serving homebuyers and real estate agents during a hot housing market with rapid sales. Investors highlighted Tomo's experienced team and potential to transform mortgage processes, with SVB Capital's Tilli Bannett noting their proven drive less than two years post-launch. The round reflected confidence in Tomo's strategy amid industry challenges, competing with traditional lenders and fintechs like Better, while leveraging data and software for faster approvals in bidding wars. |
| Jun 2021 | Seed | Ribbit Capital (lead); SVB Capital; Zigg Capital; NFX; DST Global | $30M | $640M | Tomo is a fintech startup founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong, focused on transforming the home buying process. The company raised $70 million in an earlier Seed round, which valued it at $312 million post-money, noted as one of the largest Seed rounds in the U.S. at the time. A subsequent Series A round in March 2022 raised $40 million, more than doubling the valuation to $640 million post-money. The Series A was led by SVB Capital, with participation from prior investors Ribbit Capital, NFX, and Zigg Capital, plus new investors Telesoft Partners and proptech VC Parker89. |
| Oct 2020 | Seed | NFX (lead); Ribbit Capital (lead); Zigg Capital (lead); Alex Sacerdote; SVB Capital; Eli Weinberg; Kurt Mobley; Spencer Rascoff; Ted Ackerley | $41M | - | Tomo Networks is a fintech startup co-founded by Greg Schwartz and Carey Armstrong that reimagines the homebuying experience through a digital mortgage and transaction platform. The company announced its $40 million seed round on October 28, 2020, led by Ribbit Capital, NFX, and Zigg Capital, with additional backers including individual investors. The company is based in Stamford, Connecticut and serves the residential real estate market by offering fixed-rate mortgages with automated application processes. By March 2025, Tomo had closed a $20 million Series B round, bringing total funding to $130 million at that time, and had achieved 3.5x growth in 2024 while operating in 31 states. The company leverages AI to streamline mortgage underwriting and sales processes, achieving industry-leading interest rates approximately 0.50% lower than competitors and garnering 4.9-star customer reviews on Bankrate as of early 2025. |
Who has invested in Tomo?
14 investors have backed Tomo across its funding rounds, including NFX, Ribbit Capital, Zigg Capital, SVB Capital, DST Global and FJ Labs.
Lead investors include SVB Capital, Ribbit Capital, NFX and Zigg Capital.
Tomo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Oct 2020 | ||
| 4 | Lead | Oct 2020 | ||
| 3 | Lead | Oct 2020 | ||
| 3 | Lead | Oct 2020 | ||
| 2 | Participant | Jun 2021 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Participant | Oct 2020 | ||
This data is available for Pro users. Sign up to see all 14 Tomo investors. Start Free Trial | ||||
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Start Free TrialTomo Competitors
Tomo competitors include listed companies like Real Brokerage, G City, eXp World Holdings and Sveafastigheter, and private ones like I-Ven Realty and Updater.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2B | ($6M) | $638M | 0.2x | ||
| Publicly listed | $819M | $557M | $637M | - | ||
| Publicly listed | $4.8B | ($11M) | $650M | 0.1x | ||
| -- | Private | - | - | $616M | - | |
| Publicly listed | $157M | $50M | $601M | 11.8x | ||
| Private | - | - | $756M | - |
Tomo Public Comps
Tomo is still privately-owned, but its public comps include Real Brokerage, G City, eXp World Holdings, Sveafastigheter, Fundamenta Real Estate, Vinte, Al Rajhi REIT, Hangzhou Jiebai Group, Gavia and Dine.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2B | ($6M) | 0.3x | 0.2x | (87.2x) | 6.6x | |||
| $819M | $557M | 8.9x | - | 13.1x | - | |||
| $4.8B | ($11M) | 0.1x | 0.1x | (50.5x) | 11.1x | |||
| $157M | $50M | 12.7x | 11.8x | 39.7x | 21.7x | |||
| $52M | - | 28.5x | 17.3x | - | 21.3x | |||
| $915M | $136M | 1.1x | 1.1x | 7.6x | 6.1x | |||
| $62M | $52M | 12.8x | - | 15.3x | - | |||
| $253M | $98M | 1.3x | - | 3.4x | - | |||
This data is available for Pro users. Sign up to see all Tomo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tomo
| When was Tomo founded? | Tomo was founded in 2020. |
| Where is Tomo headquartered? | Tomo is headquartered in Stamford, CT, United States. |
| Is Tomo publicly listed? | No, Tomo is a private, VC-backed company. |
| What is Tomo's valuation? | Tomo was last valued at $640M in its Series A in March 2022. |
| How much funding has Tomo raised? | Tomo has raised $131M across 4 funding rounds. |
| What was Tomo's last funding round? | Tomo's last funding round was a $20M Series B in March 2025. |
| Who are Tomo's investors? | Tomo's investors include Ribbit Capital, NFX, SVB Capital, Zigg Capital, DST Global, Parker89, Alex Sacerdote, FJ Labs, Eli Weinberg, TeleSoft Partners and 4 others. |
| Which companies are comparable to Tomo? | Companies comparable to Tomo include Real Brokerage, G City, eXp World Holdings, I-Ven Realty, Sveafastigheter and Updater. |
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