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SAN FRANCISCO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Qualia, the leading digital real estate closing technology company, announced today that it has raised $55 million in Series C financing led by Tiger Global, increasing its total funding to $95 million, alongside existing investors Bienville Capital, 8VC and Menlo Ventures. The company will use the funds to hire top talent in their product, engineering and go-to-market teams, with a focus on accelerating growth and building strategic partnerships. The funding positions Qualia to expand its role as the central technology infrastructure for all real estate transactions and empower digital transformation for partners.
Real estate purchases are continuing to change at an accelerated pace. According to the National Association of Realtors (NAR), nearly half of all homebuyers in the U.S. found their home online in 2018, and that number is expected to rise. Additionally, a Fiserv survey reports that nearly two-thirds of mortgage loan applications originated online, up from 56 percent in 2018. Nevertheless, NAR found that nearly 40 percent of homebuyers still cite paperwork and understanding the closing process as one of the most complicated aspects of home buying.
“The workflow for most residential real estate transactions remains antiquated and opaque. Qualia has created a modern system of record, communication, and action for title insurance agents and mortgage originators and we believe their software platform materially improves productivity and reduces costs,” said Scott Shleifer, Partner, Tiger Global.
In less than two years, Qualia has more than tripled its market share, growing from five percent of all U.S. real estate transactions in March 2018 to more than 15 percent today. The platform currently processes more than one million transactions per year and Qualia has completed closings across 82 percent of U.S. counties. And notably, Qualia was recently selected as the system of record for Iowa Title Guaranty, the state agency with exclusive authority to provide title coverage for Iowa real property.
“One of the biggest points of friction in buying a home remains the sheer amount of paperwork and coordination that is involved in the closing. Our goal is to help real estate professionals and homebuyers navigate the complexities of the real estate closing process by bringing everyone onto one shared, easy-to-use and secure platform,” said Nate Baker, CEO and co-founder of Qualia. “We’re excited to have the support of our world-class investors to make this happen.”
Qualia empowers users across the entire real estate ecosystem, bringing together parties like the buyer, seller, title agent, escrow officer, lender and real estate agent. The company’s partners include companies purchasing and selling real estate, financial institutions and title insurance underwriters.
“Qualia has one of the most impressive retention rates that we’ve seen across SaaS companies,” said Tyler Sosin, Partner at Menlo Ventures. “Qualia has a market opportunity to become the backbone infrastructure powering the digitization of real estate.”
To read more about Qualia’s Series C funding, please visit our blog.
Qualia is a digital real estate closing technology company that provides the infrastructure to streamline the home closing experience. The company offers a suite of products that brings together homebuyers and sellers, lenders, title & escrow agents and real estate agents onto one secure shared platform. Qualia was founded in 2015 by Forbes 30 Under 30 Award recipients Nate Baker, Joel Gottsegen and Lucas Hansen. Since launching, the company has been named an ALTA Elite Provider, grown to over 220 employees, and recognized with the Great Place to Work Certification. The company is a leader in industry security and was the first technology company to join the Coalition to Stop Real Estate Wire Fraud. Qualia is headquartered in San Francisco, CA and has offices in Austin, TX. For more information on Qualia, visit www.qualia.com.