Pine raises $27 million

Digital mortgage startup Pine announced a $27 million CAD fundraise consisting of Seed + Series A. The funding round is led by Greylock with participation from Inovia Capital, Intact Ventures, Global Founders Capital, Box Group, Ludlow Ventures, and Thomvest.

Founded in 2021 by Justin Herlick, a former Blend employee, and Jonathan Shih, the Canadian startup allows homebuyers to apply for a mortgage in under 10 minutes. Pine also offers mortgage refinancing.

The startup currently operates in Ontario and is set to “quickly launch across Canada.”

“The mortgage industry has been outdated for decades. Canadians are desperate for a solution that doesn’t have them relying on one of the big banks. We are excited to be officially launching an entirely new home financing option for Canadians.” – Justin Herlick, CEO and co-founder at Pine.

“Homebuyers across Canada, particularly in its largest cities, have been faced with multiple challenges for years when it comes to buying or refinancing a home. Pine not only makes the process easier, they’re also lowering barriers of entry for newcomers to the market, helping them realize their home-ownership dreams potentially years earlier than planned.” – Seth Rosenberg, Investor at Greylock.