SAN FRANCISCO, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Qualia, the leading digital real estate closing technology company, announced today that it has raised $65 million in Series D financing, increasing its total funding to $160 million and valuing the five-year-old company at over $1 billion. The latest round was led by existing investor Tiger Global, alongside other existing investors 8VC and Menlo Ventures. Additionally, Qualia announced the acquisition of Adeptive Software, the developer of ResWare, a complementary title and escrow production software well known within the real estate industry.
The pandemic made the long-term value of a fully digital closing platform clear to members of the real estate and mortgage business ecosystem, one that has historically depended on manual, in-office and in-person processes. Qualia and Adeptive have both been working toward solutions to overcome those challenges by creating a uniform technology infrastructure that businesses use to deliver a secure, integrated, end-to-end closing experience. Ultimately, a shared platform of record can simplify and demystify the homeownership process.
Adeptive brings an almost 20-year track record of providing exceptional software and services to the title and escrow industry through its core product, ResWare. Over this time, Adeptive has built enterprise-class software used by large underwriters, title, and escrow companies, complete with a host of integrations with service partners. By coming together, Qualia and Adeptive will further accelerate real estate’s digital transformation.
“Modern real estate transactions require new infrastructure,” said Nate Baker, co-founder and CEO of Qualia. “The Qualia and Adeptive teams are both working towards bringing that seamless home buying, selling and refinance experience to the real estate ecosystem at large. We’re excited for the road ahead and to have the continued support of our world-class investors to help make this happen.”
“We are thrilled to bring Adeptive’s almost two decades of expertise to Qualia,” said Bryan Buus, President of Adeptive. “The Qualia team’s focus on powering professionals to deliver a fantastic consumer experience for over five years now has sparked new innovation in our industry, and we’re incredibly excited to build the foundation for the future of real estate together.”
Qualia powers a new generation of real estate and mortgage companies who want to compete in the digital era without the challenges of creating the necessary infrastructure. In the last year, Qualia’s team has nearly doubled and it has aggressively expanded its suite of products for an increasingly broad set of customers using the platform. In the last few months alone, Qualia released a platform supporting technology-enabled real estate companies such as Redfin, REX and Orchard, new platforms for both mortgage lenders and title insurers that digitizes their processes with title agents, and a native Remote Online Notarization platform to make it possible to close on a home fully remotely.
“In recent years, new real estate and mortgage business models designed to meet the needs of the modern consumer have emerged," said Joe Lonsdale, founding partner at 8VC. "Qualia has created the leading IT-infrastructure to support these new models, as well as more traditional home buying methods.”
In 2020, a year when refinances spiked to record highs, the need for easy-to-use and reliable tools that can power consistent digital experiences for service partners and their clients has never been more apparent. According to recent research from Qualia more than half of homebuyers prefer an entirely digital closing process, yet only 13 percent of recent home buyers reported having one, and only nine percent of future homebuyers anticipate being able to do so. This funding positions Qualia to expand its role in empowering digital transformation for industry partners and consumers alike.
To read more about Qualia’s Series D funding and the Adeptive acquisition, please visit our blog.
About Qualia
Qualia is the real estate and mortgage industry’s leading digital closing platform. Qualia’s new class of cloud-based closing rooms provide the complete infrastructure to streamline the home closing experience for real estate businesses and their clients. The company offers a suite of products that brings together homebuyers and sellers, lenders, title & escrow agents and real estate agents onto one secure, remote platform. Since launching in 2015, over half a million real estate professionals have used Qualia for their clients, the company has been named to CB Insights Fintech 250 list of quickest-rising fintech startups, grown to nearly 400 employees, and has been recognized by Forbes as one of America’s Best Startup Employers. Qualia is headquartered in San Francisco, CA and has offices in Austin, TX. For more information on Qualia, visit www.qualia.com.
About Adeptive
Adeptive Software develops the powerful ResWare title and escrow production platform. ResWare is a sophisticated yet flexible solution providing smart and scalable workflow automation, a secure collaboration portal, and numerous provider and bank integrations that enable clients to be more productive and thus transform their operations. With the ResWare platform and Adeptive's experienced staff, Adeptive helps clients automate and innovate for today’s transactions and those of tomorrow.