Real estate fintech startup Tomo is maintaining a presence in Seattle after closing its office in Austin, Texas.
Carey Schwaber Armstrong, Tomo's co-founder and chief operating officer, said the company renewed its lease for three years at Chophouse Row on Capitol Hill last spring. The company has roughly 9,000 square feet there and about 25 employees.
"We have a couple roles that we're hiring locally, but it's pretty constrained," Schwaber Armstrong said. "We are focusing on demand generation first."
The company wanted to maintain its presence in Seattle due to the strong real estate and tech talent in the area, she said, adding that the company works better and faster when people are together in an office.
Tomo, which has roughly 75 total employees, closed its office in Austin early last year. Schwaber Armstrong said having an office without a founder present made it hard to create the right culture. The company's official headquarters is in Stamford, Connecticut, but it doesn't use that designation internally.
Tomo was founded in 2020 by Schwaber Armstrong and Greg Schwartz, both of whom were executives at Zillow prior to launching the company. Tomo originates mortgage loans with little paperwork needed for pre-approval. The company also offers a price match if a consumer finds a better deal.
Schwaber Armstrong spent seven years at Zillow. Her most recent role at the company was leading strategies and operations for Premier Agent, Zillow's platform for partner agents. Schwartz spent 13 years at Zillow. His roles included chief business officer and chief revenue officer.
Tomo's services are available in 22 states and Washington, D.C., according to its website, and it has served more than 2,800 homebuyers. The company raised a $70 million seed round in 2021 and a $40 million Series A round in 2022. According to Schwaber Armstrong, the company isn't looking to raise money right now.
"We've been investing to improve the purchase mortgage and make it way more efficient and way more pleasant," she said. "We at this point offer almost 10 different products."
