Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
03.22.22
Pillsbury has advised leading digital mortgage company Tomo on a $40 million Series A fundraising. The $640 million valuation reflects a doubling of the company’s value since its 2021 seed round, which at the time was one of the largest ever in the United States.
Tomo uses data and software to accelerate and improve the purchase process for homebuyers, offering both underwritten pre-approvals and verified pre-approvals that can be completed in a matter of hours. With 150-employees nationwide, it now serves almost one-third of the U.S. market.
SVB Capital led the funding round, which also included investments from Ribbit Capital, NFX, Parker89, Telesoft Partners and Zigg Capital. Tomo will use the new capital to enhance its software development, data science and industry relations efforts, and continue its expansion into all 50 U.S. states.
The Pillsbury team representing Tomo was led by Emerging Growth partner Ron Fleming and included associates Taylor O’Toole and Adam Hoskins and Senior Law Clerk Sarah Konnerth.