Valon Mortage is a New York-based startup that works on hassle-free mortgage services. Now, the company raised a large $50M Series A round led by Andreessen Horowitz. Another investor in the round was 166 2nd LLC, the also New York-based single family office of WeWork co-founder Adam Neumann.
Valon Mortage: improving the mortage experience
The New York startup aims to revolutionize the mortgage industry by offering an easier and more transparent process. Andrew Wang, Valon’s CEO says “We’re on the cusp of a mortgage foreclosure crisis comparable to 2008, and the majority of homeowners struggling to make their loan payments are unaware of their options“. Through their service, the experience for home owners and lenders should improve. The startup went from no contracts to more than $10B serviced portages. So far, Valon is available in 49 US states and plans to launch in NY this year, too. Another boost for the company is that it received green light from Fannie Mae to manage government-sponsored home loans. In general, Valon’s platform is cloud-native with a „borrower-oriented experience“. Also, lenders can work with real time API data feeds with data of their borrowers and transaction data.
Neumann Single Family Office from New York as investor
Besides Andreessen Horowitz, also the single family office of Adam Neumann, 166 2nd LLC, invested in Valon’s recent financing round. The family office has also invested in previous rounds. Neumann and his wife once lived in an apartment in 166 2nd Avenue in New York – their former address now serves as the name of Neumann’s family office. Neumann’s family office is an active startup investor, after he cashed out $700M from WeWork before the planned (and now cancelled) IPO. For example, the family office invested in the – also home service related – startup Alfred’s $42M Series C.
Picture Source: Oliver Niblett
Article Source: TechCrunch
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