Total amount raised
$253 Millions
Latest funding date
05/01/2021
Location
Snapdocs has successfully raised funds through multiple rounds, with the latest being a Series D round. The company specializes in digital closing technology for the mortgage industry, offering solutions like eClosing and eVault.
With a total of 20 investors backing its innovative platform, Snapdocs continues to make significant strides in the FinTech and PropTech sectors. Keep reading to explore the intricacies of Snapdocs' fundraising journey and the investors supporting this transformative company.
What Is Snapdocs?
Snapdocs, founded in 2013 by Aaron King, is headquartered in San Francisco, California. The company specializes in digital closing technology for the mortgage industry, automating interactions between lenders and settlement agents.
Snapdocs offers a comprehensive digital platform that includes solutions like eClosing, eVault, Notary Connect, and Quality Control. These tools aim to streamline the mortgage closing process, ensuring smooth, accurate, and secure transactions.
With a workforce of 251-500 employees, Snapdocs continues to innovate and lead in the FinTech and PropTech sectors, making significant strides in automating and digitizing the mortgage industry.
How Much Funding Has Snapdocs Raised?
- Seed Round
- Amount Raised: $3M
- Date: March 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and gain early traction in the digital mortgage closing market.
- Series A
- Amount Raised: $15M
- Date: November 2017
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $25M
- Date: November 2019
- Lead Investors: F-Prime Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series C
- Amount Raised: $60M
- Date: October 2020
- Lead Investors: Y Combinator Continuity Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in innovation and expand market reach.
- Series D
- Amount Raised: $150M
- Date: May 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: Over $1.5 billion
- Motivation Behind the Round: To further develop the digital closing ecosystem and accelerate innovation.
Total Amount Raised: $253M. Current Valuation: Over $1.5 billion.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a global investment firm that focuses on private and public companies in the internet, software, consumer, and financial technology sectors. The firm has a strong track record of investing in high-growth companies worldwide.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that invests in seed stage, early stage, and growth stage companies across various sectors. The firm is known for its significant contributions to the technology and healthcare industries.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, Airbnb.
- Y Combinator Continuity Fund
- Details: Y Combinator is a startup accelerator that provides seed funding, advice, and connections to early-stage startups. The Continuity Fund focuses on supporting Y Combinator alumni companies as they scale.
- Investment Focus Areas: Early-stage startups across various sectors.
- Notable Investments: Dropbox, Airbnb, Stripe.
- F-Prime Capital
- Details: F-Prime Capital is the venture capital firm affiliated with Fidelity Investments, focusing on healthcare and technology investments. The firm leverages its deep industry expertise to support innovative companies.
- Investment Focus Areas: Healthcare, technology.
- Notable Investments: Moderna, Ultragenyx, Denali Therapeutics.
- Maverick Capital
- Details: Maverick Capital is an investment firm that manages private equity and hedge funds, investing in a variety of sectors. The firm is known for its strategic investments in technology and consumer companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Alibaba, eBay, Netflix.
What's Next for Snapdocs?
Snapdocs stands at the cusp of a significant opportunity to further digitize the mortgage closing process. With nearly 20% of U.S. real estate transactions already under its belt, the company can expand its market share by increasing platform adoption among lenders, settlement agents, and borrowers. The digital closing market is vast, and Snapdocs is well-positioned to capitalize on this growth.
Future fundraising opportunities appear promising, given the company's recent $150 million Series D round and a valuation exceeding $1.5 billion. Additional capital could fuel further innovation and market expansion, making Snapdocs an attractive target for investors. However, challenges such as integrating a fragmented ecosystem and maintaining data security will require careful navigation.
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