The startup will also use the financing to grow its team
Snapdocs, a digital mortgage closing platform, has announced securing $25 million in a Series B funding round.
The company said that it would invest its new capital in developing its platform and AI technology offerings to streamline its mortgage process further.
F-Prime Capital led the financing round with participation from Sequoia Capital and other previous investors.
"Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized," said David Jegen, managing partner of F-Prime Capital's tech fund. "The entire closing process is cumbersome and in need of a better workflow for collaboration, coordination, and transparency. Snapdocs has built the leading vertical SaaS solution to this problem and is well-positioned to become the industry's platform for digital mortgage closings."
Since its launch in 2013, Snapdocs has been originating roughly $150 billion worth of residential mortgage transactions annually. The startup recently opened a new office in Denver to keep up with its growing user base.
"This is a huge milestone for the Snapdocs team and towards delivering on our promise of a seamless digital real estate closing," Snapdocs CEO Aaron King said. "It's also a big milestone for our lender and title partners who are now trusting us with over 750,000 real estate closings a year. We do this for you, and this capital enables us to continue to scale our world-class team so we can build the technology you need to thrive in a digital age."
