Snapdocs announced Tuesday that it had raised $ 150 million in Series D funding. Tiger Global led the fundraiser in partnership with Sequoia Capital, Y Combinator, F-Prime, Maverick, Alkeon and Wellington Management. The cloud-based connector platform for digital locks secured $ 60 million in its Series C round in October 2020 and raised $ 25 million from its Series B in November 2019.
Overall, Snapdocs investments totaled $ 260 million, and the company's valuation rose to around $ 1.5 billion with the latest round of capital. The company estimates that all US real estate businesses since closing Series C have received 20% interest in mortgage deals valued at over $ 60 billion per month.
Snapdocs Founder and CEO Aaron King
"Snapdocs is the connective tissue between the dozen of different participants, tools and processes involved in mortgage closings, and this connection enables lenders to take advantage of digital closings on a large scale," said Aaron King, Founder and CEO of Snapdocs, in a press release.
The new funding will be used for Snapdocs' mission to defragment the industry and form a cohesive technology system – a mission it began on in 2013.
"We're excited about Snapdocs' level of innovation in this emerging closings category," said John Curtius, Partner at Tiger Global. "Snapdocs' approach to the challenges of this industry demonstrates a deep understanding of its customers of what defines lasting businesses."