GoDocs announced Tuesday that it had received an investment from Boston-based venture capital firm M33 Growth and hired Steve Butler to fill the newly created position of Chief Executive Officer.
GoDocs, headquartered in Irvine, California, provides a web-based platform for automating legally compliant closing documents for commercial and multi-family loans in all 50 states. Butler, who founded AI Foundry in 2015, will assume the position of CEO after serving as president of Guaranteed Rate's technology subsidiary Gateless last year.
The terms and total amount of M33's investment were not disclosed, but "M33 Growth is a large fund and does not typically invest small amounts," Butler said in a statement to NMN. "GoDocs is already very profitable, so this financing should significantly scale the business."
The capital will be used to expand the platform's credit types to include lines of credit, commercial and industrial mortgages. It will also integrate several more lending and core banking systems and expand its sales and marketing teams.
The Encompass and LendingQB lending systems are integrated into GoDocs technology. With just five sales and marketing employees, all of whom are California-based, the company plans to add salespeople across the country and build an extensive marketing program, Butler said.
Since its launch in 1997, the platform has helped lenders complete over 60,000 commercial real estate loans totaling $ 80 billion, according to GoDocs.
"Our partnership comes at a time when top lenders need to find ways to reduce legal costs for their borrowers and speed their lending processes in order to stay competitive," said Gary Highland, founder and president of GoDocs, in a press release.