Personal Thoughts on Our Latest Funding Round
Snapdocs has reached an important inflection point. We’re seeing lenders, closing providers and industry analysts alike recognize the opportunity to improve the mortgage process. We’re also seeing the critical role that technology must play to connect all parties and streamline home-buying today and in the future.
The past six months have been an accelerant to this digital transformation, pulling our industry forward at least 2-3 years. A global pandemic resulting in a move to remote work, as well as low interest rates leading to surging home sales and refinancing applications nationwide, has forced the industry to reconcile with its old ways and adopt digital workflows, quickly.
The new way is working. For our industry, there’s no going back.
At the same time, our vision and purpose at Snapdocs remains unchanged. Since day one, we’ve obsessed over the success of our customers, working to first understand all pain points along the mortgage value chain and then build a software platform that connects all constituents and enables a fast and seamless digital close. I believe it’s that care for every single participant – from lenders to settlement partners and title, borrowers, notaries, loan processors (where I got my start 20+ years ago) and more – that sets us apart. It also enables us to eliminate the friction and unique fragmentation that has held this industry back.
We’ve all been thrown a few curveballs this year. We’re using these unexpected circumstances as an opportunity to accelerate our progress on behalf of our customers. Of note, we’ve made many changes in short order to how we operate. They include enabling our entire team to work remotely indefinitely, instilling more transparency than ever, adding new infrastructure and hiring fantastic teammates at a fast clip, all so that no matter what comes next, our internal team of 200+ and network of 130,000+ real estate professionals continue to thrive.
In August, when home sales were at their highest level since December 2006, I’m proud to say that Snapdocs powered more than 170,000 closings, nearly 15% of all deals done that month and approximately $50 million in transactions. We’ll also surpass 1.5 million closings in 2020, more than doubling our volume from 2019. What’s even more exciting to me is the significant increase in the number of participants on Snapdocs during each transaction, which means more people than ever are getting value out of our platform. Our impact and our ability to support this entire industry in making the transition to digital closings are growing.
This latest funding, bringing our total more than $100 million, validates the hard work, commitment and values of our team. We’re thrilled to be continuing our partnerships with investors including Sequoia, F-Prime and Founders Fund, and to be creating new ones with YC Continuity, which led this round, Lachy Groom and DocuSign. This new financing reinforces our commitment to build an enduring platform. It also shows the overwhelming belief in our original vision and investment in the long-term value of what we’re building.
It will allow us to empower our customers on an even greater scale. We’ll grow our team significantly. We’ll invest heavily in R&D and introduce more innovation across all of our products. We’ll double down on our network growth and go deeper with all stakeholders. Above all, we’ll ensure we’re building something that will be valuable to our customers for decades to come.
Thank you to our customers, our investors and the entire Snapdocs team. I couldn’t be more proud of what we’ve accomplished and am thrilled about what’s ahead.