- Leading digital real estate closing technology company Qualia recently announced several milestones. These are the details.
Leading digital real estate closing technology company Qualia recently announced several milestones. Qualia raised $65 million in Series D funding, bringing the total funding raised to $160 million. This funding round values the company at over $1 billion.
The funding round was led by existing investor Tiger Global along with existing investors 8VC and Menlo Ventures. Qualia also announced it acquired Adeptive Software, the developer of ResWare (a complementary title and escrow production software well known within the real estate industry).
The pandemic has 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. And 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 and integrated, end-to-end closing experience.
Adeptive has nearly a 20-year track record of providing exceptional software and services to the title and escrow industry through its core product, ResWare. And 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 are going to further accelerate real estate’s digital transformation.
Qualia is known for powering 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. And 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.
Over the last few months alone, Qualia released a platform supporting technology-enabled real estate companies like 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.
This year — 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. And according to recent research from Qualia more than half of homebuyers prefer an entirely digital closing process, yet only 13% of recent home buyers reported having one, and only nine percent of future homebuyers anticipate being able to do so. This funding round positions Qualia to expand its role in empowering digital transformation for industry partners and consumers.
“Modern real estate transactions require new infrastructure. 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.”
— Nate Baker, co-founder and CEO of Qualia
“We are thrilled to bring Adeptive’s almost two decades of expertise to Qualia. 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.”
— Bryan Buus, President of Adeptive
“In recent years, new real estate and mortgage business models designed to meet the needs of the modern consumer have emerged. Qualia has created the leading IT-infrastructure to support these new models, as well as more traditional home buying methods.”
— Joe Lonsdale, founding partner at 8VC