JetClosing Raises $9 Million in Series B Funding to Expand Digital Platform for Real Estate Title and Escrow
Demand grows for secure, cloud-based services for homeowners and real estate agents as JetClosing continues rapid national expansion
SEATTLE, July 30, 2020 /PRNewswire/ -- JetClosing, the leading digital home closing service for resales and refinances, today announced the close of its $9 million Series B funding round led by funds and accounts advised by T. Rowe Price Associates, Inc., with additional investments from Pioneer Square Labs (PSL) and Trilogy Equity, bringing its fundraising total to $35 million.
The investment will fuel continued expansion for the cloud-based digital title company, streamlining historically manual, in-person processes that have lacked transparency and efficiency for home buyers, sellers, agents, and borrowers. JetClosing utilizes fully encrypted workflows for secure document transfers, wire transactions, remote online notarizations (RON), and e-signatures. User information is further guarded using multi-factor authentication, which introduces safe, transparent, and remote digital home closings and refinancings for the first time.
"In light of the current economy, this funding demonstrates unequivocally that there is a real market need for a digital workflow to facilitate home closings for resale and refinancing transactions," said Dan Greenshields, CEO of JetClosing. "Pandemic or not, consumers expect a technology-first closing process that's catered to their fast-paced, on-demand, and mobile lifestyles. This investment will allow JetClosing to expand into new markets while continuing to add features and bolster our platform's overall user experience."
JetClosing, which is currently available in Arizona, Colorado, Nevada, Florida, Pennsylvania, Texas, and Washington, has demonstrated the convenience and value of its fully digital title and escrow services throughout the current market environment, as people search for ways to complete home transactions remotely. To prevent fraud commonly associated with home buying scams, JetClosing has instituted a number of security measures, including a recent partnership with CertifID, a real-time identity and account verification platform for protecting money transfers.
"Our investment in JetClosing recognizes the company's growth as well as the value of the underlying technologies that power the platform and protect user data," said Geoff Entress, Managing Director of PSL. "Cybersecurity is so critical in a remote operating environment and JetClosing's standards are unmatched in the industry. We clearly see the opportunity for JetClosing to become the platform of choice for all home closings and refinancings, giving buyers, sellers, agents, and borrowers confidence throughout the process."
About JetClosing
JetClosing is the leading digital title and escrow company for real estate transactions. Through its innovative platform, JetClosing provides unprecedented transparency, security, and efficiency throughout the home closing process. With a presence in Arizona, Colorado, Florida, Nevada, Pennsylvania, Texas, and Washington, JetClosing's team of veteran title professionals and technology leaders is expanding nationwide to provide digital title and escrow services to buyers, sellers, agents, lenders and borrowers. To learn more, visit www.jetclosing.com.
About Pioneer Square Labs (PSL)
Pioneer Square Labs is a Seattle-based startup studio and venture firm that finances, creates and launches technology startups. For more information, please visit www.psl.com.
SOURCE JetClosing Inc.
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