Tomo Valuation, Funding & Investors

Tomo is valued at $640M as of March 2022.

See full Tomo profile

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

Tomo Overview

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

United StatesStamford, CT

Website

tomo.com

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

Tomo valuation by funding round
DateStageValuation
Mar 2022Series A$640M
Jun 2021Seed$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

Tomo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2025Series BFJ 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 2022Series ASVB Capital (lead); Parker89; Zigg Capital; TeleSoft Partners; Ribbit Capital; NFX$40M$640MTomo 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 2021SeedRibbit Capital (lead); SVB Capital; Zigg Capital; NFX; DST Global$30M$640MTomo 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 2020SeedNFX (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

Investors in Tomo by funding rounds participated
InvestorHQRoundsRoleFirst check
Ribbit CapitalUnited StatesSan Francisco, CA4LeadOct 2020
NFXUnited StatesSan Francisco, CA4LeadOct 2020
SVB CapitalUnited StatesSan Francisco, CA3LeadOct 2020
Zigg CapitalUnited StatesNew York City, NY3LeadOct 2020
DST GlobalCayman IslandsGeorge Town2ParticipantJun 2021
Parker89United StatesLos Angeles, CA1ParticipantMar 2022
Alex SacerdoteUnited StatesBoston, MA1ParticipantOct 2020
FJ LabsUnited StatesNew York City, NY1ParticipantMar 2025
Eli WeinbergUnited StatesUnited States1ParticipantOct 2020
TeleSoft PartnersUnited StatesSan Francisco, CA1ParticipantMar 2022
Kurt MobleyUnited StatesAugusta, GA1ParticipantOct 2020
Spencer RascoffUnited StatesLos Angeles, CA1ParticipantOct 2020

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Tomo 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.

Public and private companies comparable to Tomo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Real BrokerageUnited StatesUnited StatesPublicly listed$2B($6M)$638M0.2x
G CityIsraelIsraelPublicly listed$819M$557M$637M-
eXp World HoldingsUnited StatesUnited StatesPublicly listed$4.8B($11M)$650M0.1x
I-Ven Realty--Private--$616M-
SveafastigheterSwedenSwedenPublicly listed$157M$50M$601M11.8x
UpdaterUnited StatesNew York City, NYPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Real Brokerage$2B($6M)0.3x0.2x(87.2x)6.6x
G City$819M$557M8.9x-13.1x-
eXp World Holdings$4.8B($11M)0.1x0.1x(50.5x)11.1x
Sveafastigheter$157M$50M12.7x11.8x39.7x21.7x
Fundamenta Real Estate$52M-28.5x17.3x-21.3x
Vinte$915M$136M1.1x1.1x7.6x6.1x
Al Rajhi REIT$62M$52M12.8x-15.3x-
Hangzhou Jiebai Group$253M$98M1.3x-3.4x-

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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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