Privlo, a Santa Monica, CA-based online marketplace for private mortgage loans, raised $2.1m in seed funding.
The round was led by QED Investors.
The company intends to use the funds to expand loan volume booked during its pilot.
Launched in 2011 by CEO Michael Slavin, a former Los Angeles area real estate developer and managing partner at private equity firm Napias Group, Privlo has developed a technology platform that leverages multiple sources of data to facilitate the matching process between borrowers and lenders and enable an accurate credit decision. The company is now working on the tools to apply directly for loans, which will go live later this summer.
In addition to the funding, Privlo added Kenn Stearns as Chief Product Officer, Saro Vasudevan as Chief Customer and Credit Officer, David Subar as interim Chief Technology Officer, Michael Barton, as Chief Operating Officer. Senior executives from the Real Estate, Mortgage and Finance industries Jack Bunce, Larry Cohen, Charles Conn and Gary Tenzer joined the company’s Advisory Board.
FinSMEs
02/05/2013