Snapdocs, Inc. is a leading real estate technology platform on a mission to transform the homebuying process from slow and painful, to a quick and celebratory experience, thanks to its industry-leading AI and centralized platform.
Snapdocs has successfully raised $25 million in Series B funding, led by F-Prime Capital and with participation from previous investors Sequoia Capital, who led Snapdocs' Series A, Freestyle Capital and Founders Fund. With this funding, Snapdocs will continue to develop its artificial intelligence offerings and platform so that homebuyers can close on their dream homes faster and with far less stress. 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 David 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. 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."
Snapdocs' platform currently powers over 10 percent of all U.S. residential mortgage transactions, roughly equaling $150 billion in real estate transactions annually. Snapdocs attributes its success in large part to its differentiated approach to driving technology adoption, choosing to work from within the industry to help existing parties work better together as opposed to a more disruptive approach typically employed by other technology companies.
"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. We do this for you, and this capital enables us to continue to scale our world-class team so we can build the technology you need to thrive in a digital age," said Aaron King, CEO of Snapdocs.
Historically, obtaining and closing a home mortgage loan can be one of the most painful and anxiety-ridden parts of the homebuying process. One area of dramatic improvement can be seen in the reduction in time borrowers spend at the closing table from over an hour to just 15 minutes, making a previously stressful experience a bit more celebratory as they close on their new home. The company also has the mortgage industry's largest network of closing participants which is made up of over 50,000 service providers, including lenders, title companies and notaries. With its network and unique AI technology, Snapdocs is transforming stressful, error-prone and time-consuming mortgage closings into transparent, efficient and joyful experiences for everyone involved.
Snapdocs is also announcing the opening of a new office in Denver, Colorado to keep up with its rapidly growing user base and to better serve its customers nationwide. Known as a growing hub for technology companies and talent, Denver will serve as a center for a wide variety of roles with an emphasis on engineering and operations.