JetClosing Raises $20M Series A to Continue Growth of Real Estate Closing Technology
Title & Escrow Company is Digitizing Transaction Experience for Millions of Prospective Buyers
SEATTLE, June 8, 2018-- JetClosing (JetClosing.com), the leader in digital real estate title and settlement transactions, announced today that it has closed a $20M Series A round led by funds and accounts advised by T. Rowe Price Associates, Inc. and with participation from PSL Ventures, Imagen Capital Partners and existing investors Trilogy Equity Partners and Maveron. The new injection of funds will be used to expand to residential real estate markets across the United States. The dynamic and affordable technology is currently available to realtors and buyers in Seattle-Tacoma, Las Vegas, Denver and Phoenix markets.
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 2016, JetClosing (jetclosing.com) is the leader in digital title and settlement transactions. 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. For more information visit www.jetclosing.com.
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (troweprice.com), 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. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price’s disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research.
PSL Ventures is an early-stage Seattle-based startup studio and venture firm that finances, creates and launches invests in technology startups, primarily based in the Pacific Northwest. PSL Ventures is part of Pioneer Square Labs, which also operates a startup studio to create and launch new companies. For more information, visit www.psl.com.
About Trilogy Equity Partners
Formed in 2006, Trilogy Equity Partners (trilogyequity.com) is an early stage venture firm based in Bellevue, Washington that is led by former entrepreneurs and operators. The firm’s roots include the formation and leadership of some of the largest mobile operators in the United States as well as other global technology and wireless companies. Trilogy takes a hands-on approach to investing, with a closely held evergreen fund that aligns investments with the objective of building great companies over time.
About Imagen Capital Partners
Imagen Capital Partners (www.imagencap.com) is a Seattle-based, seed and early-stage venture firm focused on investments in software/SaaS, data and technology-enabled concerns. Led by former technology operators, the firm seeks to create collaborative relationships with entrepreneurs beyond the investment process to innovate, challenge and transform the dynamics of new and existing markets. Imagen supports early-stage companies through investments starting at $500,000.
Jessica Piha, +1-206-422-0712
T. Rowe Price
Bill Benintende, +1-410-345-3482
Venture Capital Database