Two former top Zillow Group leaders are becoming back within the land industry with new startup that aims to vary the way Americans buy homes.
Greg Schwartz and Carey Armstrong just unveiled their new company, Tomo Networks, which announced a huge $40 million seed round in the week .
Founded just a couple of months ago, Tomo’s first product may be a tech-fueled mortgage and transaction platform targeted at both land agents and consumers. the corporate describes itself as a fintech startup. it's staying quiet about the precise business model, but it's big ambitions.
“Mortgage may be a massive, distributed, important market,” said Schwartz, the CEO. “And we’re getting to lead it.”
The seed investment and pedigree of the investor group — Trulia co-founder Pete Flint; ex-Zillow CEO Spencer Rascoff; et al. are among the backers — may be a vote of confidence in both the thought and also the founding team.
Schwartz spent 13 years at Zillow, helping the Seattle company grow into a true estate database behemoth. He held titles including vice chairman of sales, chief revenue officer, chief business officer, and last president of Media & Marketplace when he left in January.
Armstrong joined Zillow in 2013 and also held multiple leadership roles, including director of product management, head of corporate development, and vice chairman of the company’s nearly $1 billion Premier Agent business. She previously worked at Boston Consulting Group and Forrester.
Schwartz left Zillow on good terms and planned to require a year faraway from work, spending time with family and rediscovering the ski slopes. on the other hand the pandemic hit.