Tomo Networks, a Stamford fintech startup aimed at the homebuying process, has raised a seed round of $40 million.
The initial financial backers for the venture include the institutional investors Ribbit Capital, NFX, Zigg Capital and SVB Capital, along with hedge fund executives Alex Sacerdote, Kurt Mobley and Eli Weinberg, former Zillow CEO Spencer Rascoff and Ted Ackerley of Seattle-based Ackerley Partners LLC.
Details on how Tomo Networks will differentiate itself from other homebuying fintech platforms have yet to be released, although the company hinted its platform will be targeted at both real estate agents and consumers. Company co-founder Greg Schwartz, a former Zillow executive, told GeekWire, “We’re going to move from a document management approach to data management approach.”
The company’s website claims it is “inspired by Omotenashi, a Japanese service philosophy in which needs are anticipated and thoughtfully met.” Tomo Networks is now recruiting a workforce based in Stamford, Austin and Seattle, ahead of a 2021 official launch.