Boulder-based Neat Capital has raised additional funding to help home hunters stand out against the competition in a red-hot housing market.
Neat Capital didn’t disclose the dollar amount of its latest raise, but an April 11 SEC filing —and a Colorado Inno article— confirms that the company has so far pulled in $3 million of the $6 million it originally sought to raise in what it is calling a Series B-1 round.
The company did disclose in a news release that it has raised more than $40 million in funding to date, including a $22.5 million Series B round raised last year.
The recent Series B-1 round was led by Forecast Labs, a unit of Comcast Ventures that has worked with Acorns, Hippo and other fintech companies.
Neat Capital’s home loan business, called Neat Loans, allows clients to make “cash-like offers” through its pre-approved mortgage program and by backing $50,000 of a homebuyer’s earnest money. The company said its home financing platform also speeds up the home buying process, making it possible for clients to close in as soon as two weeks.
Neat Capital co-founder and CEO Luke Johnson said in a statement that the traditional mortgage pre-approval process is antiquated.
“Over the past year, we’ve witnessed the housing market go off the rails, leaving many perfectly qualified people to miss out on their dream homes because they had to compete in wildly aggressive real estate markets,” he said. “At Neat Loans, we have built a uniquely better system to cater to homebuyers who need to close on their homes faster, access competitive rates and win against competing offers without overbidding.”
