Snapdocs, the US-headquartered developer of a digital mortgage platform, received $60m in series C on Monday from investors including e-signature software producer DocuSign.
The round was led by accelerator operator Y Combinator’s Continuity fund and also featured private investor Lachy Groom and all the company’s existing backers including F-Prime Capital, a subsidiary of investment and financial services group Fidelity, as well as Sequoia Capital and Founders Fund.
Founded in 2012, Snapdocs has built a software platform that streamlines the process of organising and issuing mortgages. It claims the platform has powered 13% of residential mortgages issued in the United States in the past year.
Aaron King, Snapdocs’ founder and CEO, said: “We have long talked about digital closings, but the incredible combination of global and market forces have compelled everyone to finally adopt digital solutions that solve the core problems in a closing: the fragmentation and inefficiency inherent in a process involving so many parties.
“This record year and new capital will allow us to scale in all capacities and continue to serve our customers as they break new records and navigate these unprecedented times.”
F-Prime Capital led the company’s last round, a $25m series B in November 2019 that included existing investors Sequoia Capital, Freestyle Capital and Founders Fund. It said Sequoia had previously led its series A round, which a securities filing indicates was sized at $15m in 2017.
