Real estate technology company Snapdocs announced Thursday morning that it raised $25 million in its Series B funding.
This funding was led by F-Prime Capital, as well as previous investor Sequoia Capital, who led its Series A funding, and Founders Fund.
Snapdocs, which was founded in 2013, will use the money to continue development on its digital real estate closing platform as well as its artificial intelligence offerings.
According to the company, Snapdocs’ platform currently powers over 10% of all U.S. residential mortgage transactions, equalling about $150 billion in real estate transactions annually.
As part of the funding round, David Jegen of F-Prime Capital will join Snapdocs’ board of directors.
“Residential mortgage is a $2 trillion industry and one of the largest sectors yet to be digitized,” said 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,” 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.”
Snpadocs said its different approach to technology adaptation is what led to its growth and success.
“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,” said Aaron King, CEO of Snapdocs.
Beyond the fundraising, the San Francisco-based company says it will be expanding offices and opening a branch in Denver.
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