Snapdocs, a US-based digital mortgage platform developer backed by electronic signature software producer DocuSign, received $150m yesterday in a series D round led by hedge fund manager Tiger Global Management.
The round was also backed by F-Prime Capital, a subsidiary of investment and financial services provider Fidelity, in addition to Sequoia Capital, Y Combinator, Maverick Ventures, Alkeon Capital Management and Wellington Management.
Founded in 2013, Snapdocs operates an artificial intelligence-equipped platform that connects all the parties involved in the mortgage approval process. It can be used to manage cross-party workflows and appointment scheduling as well as provide status updates and notifications.
More than 130,000 mortgage professionals use the company’s software each day to automate their manual work and digitise documents. The series D round valued it at over $1.5bn and has increased the its total funding to $260m.
Snapdocs raised $60m in an October 2020 series C round led by Y Combinator’s Continuity fund that included DocuSign, F-Prime Capital, Sequoia Capital, Founders Fund and Lachy Groom.
The company had secured $25m in a series B round led by F-Prime Capital, which invested together with Sequoia Capital, Freestyle Capital and Founders Fund, in late 2019. Sequoia Capital led its $15m series A round in 2017 and its other investors include Zigg Capital, Greenpoint Partners and SV Angel.