Qualia, a real estate closing technology company, is now positioned to seriously grow its platform thanks to a sizable injection of new funding.
Qualia announced Wednesday that it raised $55 million in its Series C funding round, more than doubling its previous funding total of $40 million.
Last March, Qualia raised $33 million in its Series B funding, and with the new funding, the company has now raised $95 million overall.
According to Qualia, investment firm Tiger Global led the company’s Series C funding round. Tiger Global’s involvement in the funding is notable, as according to Crunchbase, Tiger Global previously invested in companies like Square, Warby Parker, Glassdoor, and Peloton, among others.
Also participating in the funding round were existing investors Bienville Capital, 8VC, and Menlo Ventures.
According to Qualia, the company plans to use the new funding to “hire top talent in their product, engineering and go-to-market teams, with a focus on accelerating growth and building strategic partnerships.”
Qualia has been in growth mode for the last several years, earning the company the honor of being named to the HW Tech100 multiple times.
According to the company, Qualia more than tripled its market share in the last two years, growing from 5% of all U.S. real estate transactions in March 2018 to more than 15% now.
Qualia’s platform currently handles more than 1 million transactions per year and the company has completed closings in 82% of the counties in the U.S.
It’s that growth that attracted Tiger Global, according to Scott Shleifer, partner a the investment firm.
“The workflow for most residential real estate transactions remains antiquated and opaque,” Shleifer said. “Qualia has created a modern system of record, communication, and action for title insurance agents and mortgage originators and we believe their software platform materially improves productivity and reduces costs.”
Menlo Ventures, which also participated in the company’s previous capital raise, has been very impressed with Qualia’s performance thus far.
“Qualia has one of the most impressive retention rates that we’ve seen across SaaS companies,” said Tyler Sosin, partner at Menlo Ventures. “Qualia has a market opportunity to become the backbone infrastructure powering the digitization of real estate.”
Nate Baker, CEO and co-founder of Qualia, said that the company is “excited” to have the support from its investors as it seeks “help real estate professionals and homebuyers navigate the complexities of the real estate closing process by bringing everyone onto one shared, easy-to-use and secure platform.”