Qualia, a real estate technology company that focuses on the home closing process, announced this week that it raised $33 million to help fund its growth.
The company’s software brings all the pieces of a home closing into one platform, allowing consumers, lenders, title agents, Realtors, real estate agents, and others to securely coordinate the process in real time.
Qualia has grown significantly since its founding in 2015, and now handles 5% of the national real estate market. According to the company, more than half of the top 100 mortgage lenders and real estate brokerages in the country currently use its software.
Last year, Qualia was honored as a member of the HousingWire Magazine HW Tech100, an award reserved for the top technology companies in the housing industry.
According to the company, its $33 million Series B funding round was led by Menlo Ventures with participation from 8VC, Bienville Capital, and Barry Sternlicht.
Tyler Sosin, partner at Menlo Ventures, said that the venture capital firm was drawn to Qualia by its potential to revolutionize the closing process.
“Qualia is a great example of a modern system of record that dramatically improves workflows, coordinates all key constituents, and has a powerful network effect,” Sosin said. “The Qualia team has a unique perspective on one of the most acute pain points in the real estate industry, the closing process, and are poised to become the industry’s default real estate transaction platform.”
The company expanded its platform nationwide last year and expects the new funding to aid in its continued growth.
Qualia also said that it plans to use the money to expand its engineering and product teams.
“Until Qualia, the confusion and pain during the home closing process was widely considered a rite of passage to the world of home ownership,” said Nate Baker, founder and CEO of Qualia.
“We streamline the home buying experience for all parties and make coordination unbelievably simple for lenders, Realtors, and settlement agents,” Baker added. Buyers are also empowered by using our app to better understand their transaction and communicate with their closing team, so they’re kept in the loop about their home purchase every step of the way.”