Mortgage technology provider FirstClose has landed funding from Cypress Growth Capital to fuel its mission to capture more market share.
While the exact dollar amount was not revealed, FirstClose said it received a multi-million-dollar investment from the Dallas-based Cypress Growth, which invests in emerging technology companies using a “royalty approach” that allows companies to retain equity and control.
FirstClose, a 2017 HousingWire Magazine Tech100 winner, has been experiencing consistent year-over-year growth, according to CEO Tedd Smith, who said the company’s revenue grew 62% last year.
The Austin-based company said the capital infusion will be channeled toward sales and marketing initiatives, new hires, tech enhancements, account management, vendor and LOS integrations, finance and accounting.
“This non-dilutive investment provides us with the right type of funding at the right time as FirstClose launches into its next phase of strategic growth,” said Tedd Smith. “The support and know-how from Cypress Growth Capital is exactly what FirstClose needs to propel future growth and market-share gaining initiatives.”
Vik Thapar, partner at Cypress Growth Capital, said the company sees real potential in FirstClose.
“We were impressed by FirstClose’s revenue growth over the last three years and the introduction of new, high value, technology-driven capabilities,” Thapar said. “We’re proud to partner with an experienced management with deep mortgage industry knowledge and expertise.”
