Digital title and settlement startup JetClosing raises $20 million Series A to accelerate real estate closing technology
JetClosing, a digital title and escrow closing startup, has closed a $20M Series A round to expand to residential real estate markets across the United States. The latest funding round is led by T. Rowe Price Associates, Inc. with participation from PSL Ventures, Imagen Capital Partners and existing investors Trilogy Equity Partners and Maveron. The dynamic and affordable technology is currently available to realtors and buyers in Seattle-Tacoma, Las Vegas, Denver and Phoenix markets.
Founded in 2016, JetClosing is the leader in digital title and settlement transactions. JetClosing is a mobile-first title and escrow company taking the process of closing a home into the 21st Century.The company guides buyers and sellers through a seamless, high-touch, professional closing experience. The company was founded at Pioneer Square Labs, is headquartered in Seattle, and has satellite offices in Denver and Phoenix. Available on iOS and Android. Their mission is to leverage technology to create a fast, friendly, and more transparent real estate closing experience. Their technology systems and platforms deliver greater efficiency and transparency that provide you and our in-field relationship managers with the tools you need to make a great closing experience. JetClosing users can access their documents and contacts on the go from anywhere, anytime.
The dream of quickly obtaining home ownership is a reality with JetClosing’s product and service offering. The digital experience shortens the closing cycle, institutes a $500 flat closing fee regardless of home value and can issue seller proceeds and agent commissions within 60 minutes of closing a transaction.
“JetClosing has helped hundreds of brokerage companies, agents and buyers experience a hassle-free and delightful closing experience. We’re especially thrilled to have T. Rowe Price help us shepherd in a new phase of growth,” said co-founder and Chief Executive Officer Daniel Greenshields. “Their investment is a testament to the present inadequacy of the title and escrow experience and confidence in JetClosing changing the process in which we win at home buying.”
Through the iOS and Android app experience, agents are now able to personalize their experience to further reflect how they like to work while buyers receive real-time notifications to track the progress of the close. Last year, the company introduced the first ever property title scoring system, JetScore™. JetScore™ is calculated based on public and user-submitted data, taking into account the type, nature, and severity of title curative issues.
“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. “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.”
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc., is a global investment management organization with $1.02 trillion in assets under management as of April 30, 2018. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries.