Snapdocs, which is used by some 130,000 real estate professionals to digitally manage the mortgage process and other paperwork and stages related to buying a home, has raised $60 million in new equity funding on the heels of a few bullish months of business.
In August 2020 — a peak in home sales in the U.S., reaching their highest level in 14 years — the startup saw 170,000 home sales, totaling some $50 million in transactions, closed on its platform. This accounted for almost 15% of all deals done that month in the U.S. Snapdocs is now on track to close 1.5 million deals this year, double its 2019 volume.
On top of this, the startup’s platform is being used by more than 70% of settlement agents nationally, with customers including Bell Bank, LeaderOne Financial Corporation, Googain and Georgia United Credit Union among its customers.
The Series C is being led by YC Continuity (Snapdocs was part of Y Combinator’s Winter 2014 cohort), with existing investors Sequoia Capital, F-Prime Capital and Founders Fund, and new backers Lachy Groom (formerly of Stripe and now a prolific investor), Maverick Ventures, and DocuSign, a strategic backer, also participating.