Mortgage tech firm closes financing round

Mortgage tech firm closes financing round

Mortgage tech firm closes financing round

Mortgage technology firm CLC Network Inc. has announced that it has closed an “oversubscribed” $9 million Series A financing round, significantly exceeding its initial target of $7 million.

“With a sophisticated core technology and a rapidly growing broker base, this injection of funds generated through the investment round will be focused on strategically developing the brand, accelerating the growth of new agents and amplifying the support for existing brokers and brokerages,” CLC Network said.

The round was led by Gravitas Securities Inc., which acted as the sole lead agent and exclusive financial advisor.

“CLC Network is gearing up for some incredible innovation and growth in their industry and backed by a strong leadership team – making them a very attractive opportunity for investors,” said Gravitas Securities executive Kia Besharat.

Read more: AI-driven platform largely propelled network’s massive 2020 growth

Through its proprietary AI-driven CRM platform, CLC Network assured that it will continue to ensure “a full-circle experience for brokers and a more personalized experience for clients.”

“We will be leaning into some big changes in order to better serve home buyers, while also keeping our people at the heart of our business,” said Shubha Dasgupta, founder and CEO of CLC Network. “Our brokers can count on continuing to have best in class tools that allows them to execute their jobs effectively and efficiently – while also being part of a brand they can be proud of.”

The company added that it is currently focused on expanding its innovation business into new places, continuing the momentum of its four-year streak of growth – including an increase of more than 200% in revenue and approximately 100% growth in funded mortgage volume for the fiscal year of 2020.