Notarize Raises $20M in Push Toward E-closings
May 18, 2018
Notarize, a company that allows professionals or businesses to legally notarize documents online, announced $20 million in a new round of funding, bringing the company’s total to $31 million. Notarize was part of Second Century Ventures’ 2017 REach program, a strategic investment arm of the National Association of REALTORS® that helps companies launch into the real estate, financial services, banking, home services, and insurance industries spaces.
“We have hit significant milestones in our first two years in the market, including the introduction of our API and Enterprise products, as well as the country’s first platform to bring real estate closings online, Notarize for Mortgage,” says Pat Kinsel, founder and CEO of Notarize. “We are proud to have these first-of-their-kind solutions make such an impact in several industries, from banking, to construction and real estate.”
Notarize has focused its recent efforts on the real estate industry with Notarize for Mortgage and Notarize for Title Agents. The systems allow real estate professionals to execute closings online for buying or selling or executing a lease. Notarize officials say they plan to use the latest new funding to integrate with additional lending partners who are looking to bring their digital offerings to market.
“Notarize technology will allow Title Resource Group to better serve the growing number of customers who prefer online digital solutions,” says Don Casey, president and CEO of TRG, Realogy’s title and closing division. “Moving toward a full digital closing has been one of our strategic objectives for some time, and Notarize has helped tackle the legal and technical barriers to help make the digital real estate transaction a reality.”
Notarize has also been actively lobbying for updated laws to accept online notarizations and to set technical standards for the broader real estate industry. Four states—Indiana, Nevada, Tennessee, and Texas—have recently passed online notarization bills that allow their notaries to serve customers online in all 50 states. The laws will go into effect later this year.
Notarize was a member of NAR’s 2017 REach Accelerator Class, which provides early- to mid-stage companies access to NAR’s industry expertise, influence, and key relationships as they launch into the real estate space.
“The value we received from REach far exceeded our expectations,” Adam Pase, Notarize co-founder and chief operating officer, said recently in an NAR release that announced the newest REach Accelerator class. “The industry exposure and mentorship from experienced practitioners benefited Notarize and helped us form lasting partnerships to grow our business.”
The latest round in funding was led by Boston-based Polaris Partners, with participation by Lennar Corp., Peter Thiel’s Founders Fund, Fifth Wall Ventures, Second Century Ventures, and a subsidiary of Realogy Holdings Corp.
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