Tomo, a fintech startup that's transforming the way people buy homes, announced it raised $40 million in its Series A round, more than doubling its valuation to $640 million. SVB Capital led the fundraising, which included previous investors Ribbit Capital, NFX and Zigg Capital, as well as new investor Telesoft Partners.

Proptech venture capital firm Parker89 also joined the round with a first-time investment in Tomo. Tomo raised $70 million in its earlier Seed round, one of the largest ever in the U.S. at the time. That first fundraise valued the company at $312 million. The startup was founded in October 2020 by former Zillow executives Greg Schwartz and Carey Armstrong.