4 mortgage-related tech companies that just got an influx of cash
January 17, 2023 7:01 AM
Venture capital funding slowed in the tail end of 2022, and as funding has become more difficult to find, startups serving mortgage and housing industries also have dealt with added pressures from a dramatically steep decline in lending volume that potentially dampens interest for their products.
A total of 10,428 venture capital deals were announced across the U.S last year, with a disclosed total value of $193.9 billion, according to the deals database at GlobalData. The numbers represent a 24.9% decline in the number of transactions and a 40.8% fall in dollar value from 2021.
While funding may have been more difficult to source, mortgage-related fintechs have still had some success in finding investors in the past few months, as the likes ofHaven and Pylon can attest.
Following are some other home finance and proptech startups that have raised capital recently.
A total of 10,428 venture capital deals were announced across the U.S last year, with a disclosed total value of $193.9 billion, according to the deals database at GlobalData. The numbers represent a 24.9% decline in the number of transactions and a 40.8% fall in dollar value from 2021.
While funding may have been more difficult to source, mortgage-related fintechs have still had some success in finding investors in the past few months, as the likes of
Following are some other home finance and proptech startups that have raised capital recently.
Setpoint secures Series A funding from Andreessen Horowitz, Fifth Wall
Setpoint, the New York-based real estate platform facilitating warehouse transactions for originators, raised $43 million in a Series A funding round in December led by Andreessen Horowitz. Other participants included Fifth Wall, 645 Ventures, NextView Ventures, LiveOak Venture Partners, Vesta Ventures, ATX Venture Partners and Capital Factory, as well as noted investors Henry Kravis and Spencer Rascoff.
The company provides document storage and verification,asset digitization and other services involved in warehouse lending to proptechs and real estate businesses. Setpoint expects to use the funding to invest in software engineering, with plans to eventually expand beyond housing transactions.
The company provides document storage and verification,
Splitero raises $11.7 million in Series A round
Splitero, a San Diego-based fintech providing a platform for homeowners in the Western U.S. to access accrued home equity , announced it had secured $11.7 million in Series A capital in January. Fiat Ventures led the round, with additional investment coming from Gemini Ventures, Joint Effects, PBJ Capital, Permit Ventures, Dream Ventures, Goodwater Capital, Spark Growth Ventures and Oyster Fund. The latest funding comes after a $5.8 million seed round last April.
The company also increased the number of states it operates in, expanding from California, Colorado and Washington with the additions of Oregon and Utah, and plans for further growth in 2023. The company said it has assisted homeowners with more than $1 billion in financing since its launch in 2021.
The company also increased the number of states it operates in, expanding from California, Colorado and Washington with the additions of Oregon and Utah, and plans for further growth in 2023. The company said it has assisted homeowners with more than $1 billion in financing since its launch in 2021.
CloseSimple receives a multimillion dollar investment
CloseSimple, a software-as-a-solution provider to title and escrow companies and attorneys, received a multimillion investment from private equity firm Plymouth Growth in December. The exact sum was not disclosed. Jeff Barry, partner at Plymouth Growth, will also join CloseSimple's board of directors.
With the new funding, the Minneapolis-based fintech plans to grow its team and increase development of its products and tools aimed at streamlining communications among closing parties anddigitizing the process .
With the new funding, the Minneapolis-based fintech plans to grow its team and increase development of its products and tools aimed at streamlining communications among closing parties and
Automation startup Trained lands $1 million from The Mortgage Collaborative
The Mortgage Collaborative, a San Diego-based independent cooperative network serving the home lending industry, participated in a Simple Agreement for Future Equity funding round in January to support Trained with a $1 million investment from its TMC Emerging Technology Fund. The unit has previously provided capital to other mortgage fintechs, including Capacity and Maxwell.
Based in Pittsburgh, Trained aims to develop an automated self-service platform called Mortgage Origination Responsible Intelligence, employingAI and machine learning data to process documents and generate data for loan origination. The MORI platform has already undergone alpha and beta testing. Trained was founded in late 2021 by AI company Inpleo, independent mortgage lender Success Mortgage Partners and mortgage veteran Jonathan Freed, the company's CEO and an operating partner of TMC's Emerging Tech Fund.
Based in Pittsburgh, Trained aims to develop an automated self-service platform called Mortgage Origination Responsible Intelligence, employing
