Qualia, a start-up that gives expertise to facilitate the closing of digital actual property, mentioned Wednesday it raised $ 55 million.
The brand new cash is a part of the sequence C finance cycle, led by Tiger International. Bienville Capital, 8VC and Menlo Ventures additionally participated within the financing. In an announcement, Qualia mentioned it was contemplating utilizing the cash to rent workers for its "product, engineering, and advertising and marketing groups."
Qualia additionally desires to make use of this cash to speed up development and construct partnerships.
Earlier than Wednesday's announcement, Qualia had lately raised $ 33 million in a sequence B roundtable in 2018. In complete, the corporate has raised $ 95 million since its founding in 2015, the assertion added.
Qualia, headquartered in San Francisco, has marketed its merchandise to securities firms. The concept behind the corporate was to streamline the method of closing actual property, which was notorious and closely paper-based. To this finish, Qualia as soon as described himself because the "Domino Pizza Tracker" in closing. In different phrases, he created an easy-to-use, step-by-step monitoring instrument that allowed customers to know precisely the place they have been within the closing course of.
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Earlier this yr, Qualia additionally started advertising and marketing its providers to brokers. This transaction opened a brand new, essential marketplace for the corporate, whereas doubtlessly giving customers and their brokers extra management over the closing expertise.
By the point Qualia began promoting to brokers, the corporate's co-founder, Nate Baker, advised Inman that the corporate might entice actual property professionals, customers and securities firms to its platform. All involved can then "work collectively to shut the transaction in a single place".
In an announcement Wednesday, Baker mentioned he remained dedicated to smoothing the closing course of.
"One of many largest friction points when shopping for a house is the quantity of paperwork and coordination wanted to shut," Baker mentioned. "Our aim is to assist actual property professionals and homebuyers handle the complexities of the true property closing course of by bringing everybody collectively on a shared, easy-to-use platform. use and safe. "
These objectives, in addition to Qualia's skill to achieve them, have apparently impressed traders.
"Qualia has one of the spectacular retention charges we've seen amongst SaaS firms," mentioned Tyler Sosin, accomplice of Menlo Ventures, in an announcement launched on Wednesday. "Qualia has a market alternative to turn into the fundamental infrastructure that powers the digitization of actual property."
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