Digital mortgage platform Snapdocs valued at more than $1B
Startup raised $150M in Series D round
Digital closing platform Snapdocs is officially a unicorn.
The startup has raised $150 million in a series D funding round, bringing the value of the company to more than $1.5 billion, Inman reported. The latest round was led by Tiger Global with participation from Sequoia, Y Combinator, F-Prime, Maverick, Alkeon, and Wellington Management.
Seven months ago, the company announced that it has received $60 million in series C funding. Overall, it has raised $260 million since its founding in 2013. Previous investors include Zigg Capital, Greenpoint Partners and Founders Fund.
Snapdocs touts its ability to integrate with other platforms. Last month, it announced that it would add eOriginal — a platform that allows users to create, store and assign digital assets, such as electronic promissory enotes — to its eVault Integration Suite.
The company says the platform has approximately 130,000 daily users, and is involved in around 20 percent of real estate deals in the country.
“Snapdocs is the connective tissue between dozens of different participants, tools and processes involved in mortgage closings, and that connection is what allows lenders to realize the benefits of digital closings at scale,” the company’s founder and CEO Aaron King said in a statement.
Demand for mortgages remained strong throughout the pandemic, but in recent months has cooled slightly.
[Inman] — Sasha Jones