Internet-based mortgage lender cloudvirga Inc. in Irvine raised $7.5 million in Series A funding, led by Calabasas-based Dallas Capital. Santa Monica venture capital firm Upfront Ventures and angel investment club Tribeca Angels in New York participated in the round.
Cloudvirga processes mortgages on the Internet, which it said reduces costs, increases transparency, and shortens the time it takes to close a loan.
The startup will use the funds to further product development and hire staff, cloudvirga said in a news release.
“Increased regulations stemming from the subprime mortgage crisis have made the entire process more labor intensive and time consuming … and those are the pain points we’re alleviating,” said Bill Dallas, co-founder and chief executive of cloudvirga and founder of Dallas Capital.
The company said it had processed about $5 billion in loans since it launched in August 2015.