Real estate fintech startup Tomo is looking to boost its Seattle headcount after raising a $40 million Series A round.
Tomo is headquartered in Stamford, Connecticut, but has offices in Seattle and Austin. Carey Armstrong, Tomo's co-founder and chief revenue officer, said the company plans to add about 20 employees to its roughly 40-person Seattle team by the end of the year.
"The roles that we have in Seattle are more tech-oriented," she said. "We have product management, design, engineering, but we also have some sales and operations folks here, too."
The company as a whole has about 150 people, Armstrong said, who are split pretty evenly between the three offices.
Although Tomo lists Stamford as its official headquarters, the company doesn't use that designation internally, according to Armstrong. A spokesperson added that the company plans to roughly double its total headcount by the end of 2022.
Tomo has roughly 7,000 square feet of office space at Chophouse Row on Capitol Hill. Armstrong said the company has enough space for now and will evaluate future needs down the road.
Tomo was founded in 2020 by Armstrong and CEO Greg Schwartz, both former Zillow executives. Armstrong spent seven years at Zillow, where her last role was leading strategies and operations for Premier Agent, Zillow's platform for partner agents. Schwartz spent 13 years at Zillow, where his roles included chief business officer and chief revenue officer.
Tomo originates mortgage loans and provides a discount for buyers who work with a Tomo brokerage agent. According to the company, Tomo's pre-approvals don't require a hard credit check, and the company has closed 98% of its loans on time.
SVB Capital led the round, while Ribbit Capital, NFX, Zigg Capital, Telesoft Partners and Parker89 participated. Tomo said the company now has a value of $640 million, up from $312 million at the time of its $70 million seed round in June.
Tomo was launching in Seattle, Dallas and Houston at the time of the seed round. The company is now in all of Washington state, Texas, Florida, Connecticut and Colorado. With the Series A, Tomo has added Ohio and Michigan to that list.
"Taking the time to actually close faster and faster and faster is what's required to bring mortgage into the modern age and to make it equivalent to you Venmoing money to somebody versus this long, drawn-out process," Armstrong said.
