A proptech startup just announced major plans to expand its digital mortgage platform.
On Monday, Snapdocs announced it raised $60 million, bringing total investment in the San Francisco company to $103 million. Snapdocs plans to invest the funds in continuing to grow its headcount and developing its machine-learning systems. CEO Aaron King said the Series C cash comes amid record growth for the startup, which he credited to low interest rates and the COVID-19 pandemic.
“Shelter-in-place made the entire [real estate] industry really rethink these in-person, relationship-based, paper processes that they’ve been doing,” King told Built In.
Founded in 2013, Snapdocs is an AI-powered mortgage loan platform that consolidates lenders, settlement agents, title companies, borrowers, notaries and more institutions’ processes into a single space. Its AI system analyzes documents from each organization to reduce the amount of closing time on a property from days to minutes.
The Series C round comes less than a year after the company raised $25 million, reaching a reported valuation at the time of $200 million. Then, the company announced it planned to open a new office and hire more than 630 people in Denver over eight years, after receiving $150,000 in state incentives. Now, the 220-person startup plans to double its workforce over the next nine months, with plans to hire software engineers, product managers, business operations specialists and more.
“Our position of being this neutral, Switzerland platform that literally helps everybody in the real estate process all the way down to the consumer work together better, this is the type of company that can keep growing for decades,” King said.
The number of real estate professionals who use the Snapdocs platform has nearly tripled this year, with more than 130,000 agents now relying on it to navigate the property closing process. More than 70 percent of settlement agents use Snapdocs nationwide, the company said.
The startup projects that it will also surpass 1.5 million closings this year, which more than doubles its number of transactions from 2019. Snapdocs said it has powered more than 13 percent of all U.S. residential mortgages over the past 12 months.
YC Continuity led the round, with participation from Sequoia Capital, F-Prime Capital, Founders Fund, Lachy Groom and DocuSign.
