San Francisco-based proptech startup Snapdocs announced Tuesday that it raised $150 million in Series D funding. The latest round, led by Tiger Global, secures the company’s unicorn status with a valuation of over $1.5 billion.
The raise comes just seven months following the company’s $60 million Series C. At the time, the company was experiencing record amounts of growth which Snapdocs’ CEO Aaron King credited to low interest rates and the pandemic.
The Snapdocs platform connects lenders, settlement services and borrowers on one platform in order to digitize the closing process. The AI-enabled platform manages workflow across parties to reduce the amount of closing time on a property.
Snapdocs handles more than 20 percent of real estate transactions in the U.S. on a monthly basis, according to the company.
“Closings require tight coordination between many parties in a fragmented ecosystem, all of whom have their own systems and processes,” King said in a statement. “[We’re] doing the hard work of connecting the ecosystem to orchestrate the perfect close.”
Over 130,000 mortgage professionals use Snapdocs to digitize their paper processes, according to the company.
“High-quality technology components for digital closings like eSignature and webcams have all existed for decades, but closings only emerged as a distinct category when all the disparate parties could be connected,” King continued. “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 proptech platform will continue to expand the size of its team following the latest investment. Snapdocs is now hiring for its sales, engineering, customer success and product teams. The company plans to hire at both its San Francisco and Denver-based offices with a wide range of positions available to work remotely.
Snapdocs has raised $260 million in venture capital financing to date, according to the company.
Additional investors Sequoia, Y Combinator, F-Prime, Maverick and Alkeon participated in the round, among others.