Tomo’s latest investment round has been announced only eight months after the company launched its platform. Ribbit Capital led the company’s round which included contributions from partners of DST Global, NFX and Zigg Capital.
Tomo‘s proprietary tech supports pre-approvals that are provided within hours instead of waiting several business days. The company also says that it guarantees an on-time closing – which can put buyers in a stronger, and a lot more certain position.
Tomo CEO and Co-founder Greg Schwartz stated:
“In today’s housing market, buying is not an enjoyable experience; it has become competitive, stressful, and confusing, and too many people are coming away from it empty handed. As single family homes become commoditised by investors, the American dream is moving further and further out of reach. We are going to change that. We will work only with buyers, we won’t do refinancings, and we will close on-time, every time. No one else in this space can say that and mean it.”
Launching in Seattle, Dallas, and Houston (at first) – with additional markets to be announced later in 2021 – Tomo will be focusing on areas where rising property prices and competition are making buying homes extremely challenging for first-timers as well as Millennials.
In May of this year, prices on single family homes in Seattle were 7.3% higher than the asking price on average because of rising demand. Meanwhile, in Texas, median home prices have surged 17.3% YoY.
Unlike other automated startups operating in the industry, Tomo Brokerage says it will be linking buyers to leading local agents who are familiar with ins and outs of markets that they currently serve. Tomo Brokerage has also partnered with the real estate sector’s leading coaching and training firm, Tom Ferry in order to build out its network.