Toronto-based mortgage tech startup CLC Network has closed a $9 million Series A round of funding. The company noted this funding exceeded its original target of $7 million.
The firm noted Gravitas Securities was the sole lead agent and financial advisor for the financing. A spokesperson for CLC Network told BetaKit other institutional, family office and individual investors also participated in the round, but declined to disclose their names.
Approximately 15 percent of the round came from CLC’s management team, board and existing shareholders, including founders Shubha Dasgupta, Kendall Marin, and Drew Green, who combined maintain majority ownership in CLC following the deal.
CLC Network aims to innovate the Canadian mortgage industry by developing cloud and artificial intelligence-based solutions for brokers. The company currently counts 350 brokers in its network.
The fresh funding will allow CLC Network to develop its brand, adding new agents to its team, and supporting brothers and brokerages.