07 November 2019, India:
Real Estate tech firm Snapdocs has raised $25 million in Series B round of funding. The funding round was F-Prime Capital.
Sequoia Capital, Freestyle Capital and Founders Fund also participated in the funding round.
As part of the funding, David Jegen of F-Prime Capital will join Snapdocs’ board of directors.
The company will use the fresh capital to develop its artificial intelligence offerings and platform so that homebuyers can close on their dream homes faster and with far less stress.
Snapdocs is also announcing the opening of a new office in Denver, Colorado to keep up with its rapidly growing user base and to better serve its customers nationwide.
Aaron King, CEO of Snapdocs, said, “This is a huge milestone for the Snapdocs team and towards delivering on our promise of a seamless digital real estate closing. 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.”
Aaron King, added, “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.”
David Jegen, Managing Partner of F-Prime Capital’s Tech Fund, said, “Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized. The entire closing process is cumbersome and in need of a better workflow for collaboration, coordination and transparency.”
David Jegen, added, “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.”
(Image – Snapdocs)