Snapdocs announced on Tuesday that it raised $150 million in Series D funding. Tiger Global led the fundraise, in conjunction with Sequoia Capital, Y Combinator, F-Prime, Maverick, Alkeon, and Wellington Management. The cloud-based connector platform for digital closings secured $60 million in its Series C round in October 2020 and pooled $25 million from its Series B in November 2019.
All told, investments in Snapdocs total $260 million and the company’s valuation grew to about $1.5 billion with the newest round of capital. The company estimates a 20% involvement of all U.S. real estate deals, worth over $60 billion in mortgage on a monthly basis since wrapping up its Series C.
“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,” Aaron King, founder and CEO of Snapdocs, said in a press release.
The new funding will go toward Snapdocs’ mission of defragmenting the industry and forming a cohesive system of technologies — a mission it set out with at inception in 2013.
“We’re excited by the level of innovation from Snapdocs in this emerging Closings category,” said Tiger Global partner John Curtius. “Snapdocs’ approach to this industry’s challenges illustrates a deep understanding of its customers, which is a hallmark of enduring companies."
