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Adam Neumann backs startup Valon

Founding Team (Credit: Valon Mortgage)

Startup Valon has raised a $50 million venture funding round led by a16z that included Adam Neumann, Bloomberg reported. The tech-enabled mortgage servicer seeks to take market share from software giant Black Knight, which controls more than half of all U.S. residential loans.

  • Worth Noting: The company has won approval from mortgage giant Fannie Mae to service its government sponsored home loans. Valon hopes to increase its current small book of $30 million in mortgages. 
  • Other investors who participated in the latest funding round include: Jefferies Financial Group, New Residential Investment Corp., an affiliate of Fortress Investment Group LLC, and Neumann’s 166 2nd LLC. Its board includes Timothy Mayopoulos, president of digital-lending startup Blend Labs and the former CEO of Fannie Mae.
  • Past Funding: Valon previously raised $3.2 million from seed investors such as serial entrepreneur Kevin Ryan’s Alley Corp., Soros, Kairos and Zigg Capital, TechCrunch noted. [TechCrunch+Bloomberg]

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