JetClosing has secured $9 million in its recent Series B funding round, allowing the company to expand its digital home closing services.
The latest financing – led by funds and accounts advised by T. Rowe Price Associates, with participation from Pioneer Square Labs (PSL) and Trilogy Equity – brings JetClosing's fundraising total to $35 million. JetClosing said that it would use the investment to fuel its expansion efforts and streamline manual processes.
"In light of the current economy, this funding demonstrates unequivocally that there is a real market need for a digital workflow to facilitate home closings for resale and refinancing transactions," said JetClosing CEO Dan Greenshields. "Pandemic or not, consumers expect a technology-first closing process that's catered to their fast-paced, on-demand, and mobile lifestyles. This investment will allow JetClosing to expand into new markets while continuing to add features and bolster our platform's overall user experience."
The title and escrow service company currently operates in Arizona, Colorado, Nevada, Florida, Pennsylvania, Texas, and Washington. JetClosing's cloud-based platform uses fully encrypted workflows for secured document transfers, wire transactions, remote online notarizations (RON), and eSignatures.
"Our investment in JetClosing recognizes the company's growth as well as the value of the underlying technologies that power the platform and protect user data," said Geoff Entress, managing director of PSL. "Cybersecurity is so critical in a remote operating environment, and JetClosing's standards are unmatched in the industry. We clearly see the opportunity for JetClosing to become the platform of choice for all home closings and refinancings, giving buyers, sellers, agents, and borrowers confidence throughout the process."