Qualia raises $55 million funds in its Series C round for development of the Real Estate Closing Application, now accounting upto $95 million in total funding.
FREMONT, CA: To simplify and extend its efforts along the laborious process of buying a house, Qualia, a San Francisco-based startup closed $55 million Series C round of financing. Tiger Global led the Series C funding along with the participation of other existing VCs like Bienville Capital, 8VC, and Menlo Ventures.
The latest round adds to a whopping total of $95 million funds since Qualia's inception. Qualia raised $33 million in its Series B, presided over by Menlo Ventures in 2018 and has claimed to use the fresh capital to beef up the engineering, product, and marketing teams with focus mainly on accelerating the growth and building strong strategic partnerships.
The company was founded by Nate Baker, Joel Gottsegen and Lucas Hansen in 2015. Qualia operates as a SaaS platform, and regards itself as a digital real estate closing technology company that provides the infrastructure to streamline the home closing experience.
A recent Fiserv survey stated that more than 65 percent of home mortgage loan applications were filled loan this year showing a rise from 56 percent in 2018. The demand for what Qualia has to offer is evidently there, and the app has done justice. The platform at present processes more than 1 million transactions per year and hopes to triple its market share in less than two years. Qualia seems to have grown explicitly from handling approximately five percent of the entire U.S. real estate transactions in March 2018 to more the 15 percent at present.
“One of the biggest points of friction in buying a home remains the sheer amount of paperwork and coordination that is involved in the closing,” said Nate Baker, CEO and co-founder of Qualia. “Our goal is to help real estate professionals and homebuyers navigate the complexities of the real estate closing process by bringing everyone onto one shared, easy-to-use and secure platform.”