The Series B funding round bolsters the company's total funding to $103m
Snapdocs has announced plans to build on growth momentum with the $60 million it has raised in a recent Series C funding round.
The new funding comes less than a year after the digital mortgage platform company secured $25 million, bringing its capital to $103 million.
With home sales surging and interest rates near record lows, Snapdocs CEO Aaron King said that the company would use the funds to support product innovation, scale operations, and continue to serve their customers “as they break new records and navigate these unprecedented times.”
“The pandemic has changed real estate forever. We’ve long talked about digital closings, but the incredible combination of global and market forces have compelled everyone to finally adopt digital solutions that solve the core problems in closing: the fragmentation and inefficiency inherent in a process involving so many parties,” King said.
The Series C round was led by YC Continuity, with participation from all existing investors, including Sequoia Capital, F-Prime Capital and Founders Fund, as well as new investors Lachy Groom, and DocuSign.
Snapdocs has seen significant growth this year. The company expects to surpass 1.5 million closings in 2020, more than doubling its 2019 volume.
“In 2013, Snapdocs began as a notary marketplace before expanding horizontally to service title companies and, more recently, lenders,” said Anu Hariharan, partner at YC Continuity. “By connecting the numerous parties involved in a mortgage on a single platform, Snapdocs is quickly becoming the “operating system” for mortgage closings. Mortgages, much like commerce, will shift online, bringing improved efficiency and a far better customer experience to the outdated home-closing process.”