California-based mortgage tech firm Blend Labs, which has pursued non-GAAP profitability  since it went public in 2021, announced a $150 million investment on Monday from private equity firm Haveli Investments. 

Blend will use $145 million of the proceeds to repay existing credit agreements. The remainder is for general corporate purposes, the company said in a prepared statement.

Despite the challenging mortgage landscape, Blend has narrowed its losses. In 2023, its non-GAAP net loss shrank to $97.4 million, down from $182.2 million in 2022. By the end of December 2023, details ⇒

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