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Angel Investor (Individual)

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Investments

26

Portfolio Exits

12

About Karl Jacob

Karl Jacob is an angel investor primarily interested in IT, social media and social commerce companies. He prefers to invest in Silicon Valley/San Francisco and New York. He is an avid kite boarder.

Karl Jacob Headquarter Location

San Francisco, California,

United States

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Latest Karl Jacob News

LoanSnap Raises $30 Million For Its Consumer-Centric Mortgage Platform

May 4, 2021

Serial entrepreneur Karl Jacob has tried to tackle a lot of industries in his career, from social networking to cybersecurity. So when a friend asked the repeat founder and former strategic advisor to Facebook if he could help him with his mortgage company, he said “sure.” He didn’t know what he was walking into. After spending time at the company’s call center, he realized how broken the system was. Jacob witnessed representatives repeatedly ask customers to fork over financial information that the reps could easily access on their own, only to then suggest loans that would generate the most profit, even if they weren’t the best choice for the consumer. Jacob quickly realized what his next company would be. “What if we try to modernize, not just the technology stack, but the mortgage process?” Jacob remembers thinking. “How do we know more about this person we are about to lend money to, so we can guide them as much as possible?” The resulting company is LoanSnap. Launched in 2018, the home mortgage platform aims to issue loans that improve the underlying consumer’s financial future. The startup, which has seen strong demand, just raised a fresh round of funding, as originally reported in the Midas Touch newsletter . True Ventures led LoanSnap’s $30 million Series B round, with participation from venture firms including Baseline Ventures, The Virgin Group and Mantis VC, among others, and individuals including former NFL quarterback Joe Montana, LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus. This fresh influx, which raises the startup’s funding to a total $64 million, will go towards expanding its services in other areas. “There are tons of other financial products that we are taking a look at,” he adds. “Particularly those that tend to take advantage of consumers where they shouldn’t.” LoanSnap is not the only startup trying to tackle the mortgage industry. But Jacob says his company is different. LoanSnap isn’t just looking to move the process online or make it faster — although the software does look to close loans within 15 days — it hopes to leave the consumer in a better financial situation than where they started. Users provide LoanSnap with basic info, like the last four digits of their social security number, and its AI system scans their financial information and shows users where they are losing money, like student loan interest or credit card debt, then recommends a “smart” loan that packages all those payments together to give users a way to improve their financial health by paying their monthly mortgage payment. “Our approach is focused on showing [consumers] very specifically how much they are losing every month, and then using an AI machine that has one goal, to optimize that person's financial system,” Jacob says. The startup’s services are currently available in 21 states. LoanSnap originates the loans itself, as opposed to being a mediary or a marketplace for other underwriters. Jacob says that keeping the entire process within the company allows for a quicker approval timeline. The company currently issues loans for mortgages, refinances and home equity lines of credit. Jacob says that LoanSnap was able to save its users $35 million last year by transferring their payments to one smart loan, and $16 million so far in 2021. The company expects to be profitable by the end of this year. MORE FOR YOU

Karl Jacob Investments

26 Investments

Karl Jacob has made 26 investments. Their latest investment was in Pay By Group as part of their Seed VC - II on October 10, 2016.

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Karl Jacob Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/13/2016

Seed VC - II

Pay By Group

$3.4M

Yes

6

7/14/2015

Seed - III

Rescale

$6.4M

Yes

3

9/18/2014

Seed VC - II

Shippo

$2M

Yes

1

7/16/2014

Seed VC

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$99M

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10

12/5/2013

Seed VC

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$99M

Subscribe to see more

10

Date

10/13/2016

7/14/2015

9/18/2014

7/16/2014

12/5/2013

Round

Seed VC - II

Seed - III

Seed VC - II

Seed VC

Seed VC

Company

Pay By Group

Rescale

Shippo

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Subscribe to see more

Amount

$3.4M

$6.4M

$2M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

6

3

1

10

10

Karl Jacob Portfolio Exits

12 Portfolio Exits

Karl Jacob has 12 portfolio exits. Their latest portfolio exit was Boost Media on April 24, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/24/2019

Acquired

$99M

1

10/10/2017

Acquired

$99M

1

11/24/2015

Acquired

$99M

1

10/20/2015

Acquired

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$99M

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10

9/4/2015

Acq - Talent

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$99M

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10

Date

4/24/2019

10/10/2017

11/24/2015

10/20/2015

9/4/2015

Exit

Acquired

Acquired

Acquired

Acquired

Acq - Talent

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Subscribe to see more

Subscribe to see more

Sources

1

1

1

10

10

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