JetClosing, a startup aiming to digitize the final step of the homebuying process, has raised $20 million in Series A funding.
Launched out of Seattle in 2016, JetClosing specializes in helping homebuyers and real estate agents virtually complete title and settlement transactions. Its app, which is available in Android and iOS, allows users to store and share their documents in its cloud system while also using it to track the home closure process.
Now operating in the Seattle, Las Vegas, Denver and Phoenix markets, JetClosing has quickly drawn more financial backers. The Series A funding round was led by investment management company T. Rowe Price Associates, Inc., joined by others including PSL Ventures, Imagen Capital Partners and returning investors Trilogy Equity Partners and Maveron.
“We’re very fortunate to be able to break into the real estate industry as a new company,” Daniel Greenshields, JetClosing’s co-founder and chief executive officer, told Inman. “There’s never been a more transformative time for the real estate industry and its use of technology.”
The money raised will, according to Greenshields, go toward experimenting with new features and technologies, growing the company and expanding to as many as 10 new markets by next year. As part of its business model, JetClosing brings in a $500 flat closing fee for any home value and offers to pay out proceeds and sale commissions within 60 minutes of a closure.
“JetClosing is disrupting the residential real estate market with digital title and settlement services that make closing transactions simpler, more efficient and more affordable,” said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, in a statement. “The firm is in its early stage of growth, and we believe it can be a much larger company as it expands its product suite and geographic footprint.”