Boulder-based financial technology company Neat Capital has raised $3 million, drawing investment from Comcast subsidiary Forecast Labs.
Neat Capital will put the Forecast funding to work accelerating its consumer home lending business, Neat Loans, which aims to help individuals compete with cash buyers in the residential real estate market, it said in a press release.
“The traditional mortgage pre-approval is dead, and it’s time to bury it,” said Neat Capital CEO Luke Johnson in the prepared statement. “Over the past year, we’ve witnessed the housing market go off the rails, leaving many perfectly qualified people to miss out on their dream homes because they had to compete in wildly aggressive real estate markets."
While Neat did not disclose the size of the investment in its press release, a recent company filing with the U.S. Securities and Exchange Commission could help fill in those details. Neat sought to raise $6 million starting on March 31 using agreements to issue equity to the investors at a later date. Four investors had taken part in the raise as of the April 11 filing, raising $3 million so far, according to the filing.
The investment comes ahead of the homebuying season in the spring and summer, the company said.
Neat had previously closed a $22.5 Series B funding round in January 2021, at which time it had raised a total of $37.2 million in equity financing, the company said in a press release that month. Left Lane Capital led that Series B alongside Neat’s existing investors.
Neat Capital did not respond to a request for additional information on the latest raise.
Technology is increasingly disrupting the individual homebuying space, even as institutional investors have been increasingly moving into the housing market to the tune of billions of dollars across the country. Such investors have the capital on hand to make cash offers, often out-competing individuals who would need to include financing clauses in their offers.
