LoanLogics Raises $10M in New Capital to Support Expansion
LoanLogics has raised $10 million in new capital that the mortgage software vendor plans to use to support its growth.
The funding round was led by Blue Cloud Ventures, a New York-based growth and late-stage co-investment fund that invests in cloud enterprise software companies, with existing investor Volition Capital, a growth equity firm in Boston that invests in technology companies as one of the participants.
LoanLogics, based in Trevose, Pa., will use the funds in part to expand into origination technologies and research and development, the company said in a press release Monday.
"We have emerged as the preeminent loan quality management and performance analytics technologies provider," Brian Fitzpatrick, president and chief executive of LoanLogics, said of the latest round of funding.
LoanLogics in July 2015 launched technology geared toward automating and streamlining closed-loan purchasing and quality control processes for correspondent investors.