JetClosing is finding traction with its mobile-first real estate closing platform.
The Seattle startup just raised another $800,000 via a convertible note from existing investors Trilogy Equity Partners and Pioneer Square Labs to help fuel growth. Total funding is now $5.2 million.
JetClosing digitizes the home closing process for buyers, sellers, and realtors, removing paper forms and bringing everything to the cloud. The company, which makes money by charging a fee as part of the transaction when it closes, currently operates in Washington, Colorado, and Arizona, where it launched this past October.
JetClosing employs 30 people and recently moved its headquarters to a new office in downtown Seattle. Daniel Greenshields, the company’s CEO, told GeekWire that the startup had an annualized monthly revenue over $1 million at end of 2017.
Here’s more description from the company’s FAQ page:
However, JetClosing is also very different from other title and escrow companies. We started with the knowledge and insight of a veteran title and escrow team, paired them with tech industry leaders, and gave them a clean slate – to build what title and escrow should be. We invented sophisticated back-office technology to streamline our closing process, and ensure every customer receives the same high level of service, every time. Then we created real-time views into that system with our mobile apps and desktop portal, so there’s no guesswork or uncertainty.
Our approach is simple. Title and escrow has transaction data, documents, and contacts. We know the transaction status. Why not share them, in real time, so we’re all on the same page? The results speak for themselves – our customers are our biggest fans.
Greenshields previously spent nearly 15 years helping run ShareBuilder, a company now owned by Capital One which digitized and sped up the process of buying stocks, bonds, mutual funds, 401(K) plans, and more.
JetClosing was one of the first spinouts of Pioneer Square Labs, a Seattle-based startup studio that just raised its own venture capital fund. It has spun out five other startups since 2015:
- LumaTax, a company that aims to automate sales tax reporting for small businesses.
- AdLightning, which helps digital publishing outlets scan their sites for disruptive ads.
- Boundless, a startup that aims to help people navigate the U.S. immigration process.
- Taunt, a platform that lets esports fans compete against each other.
- TraceMe, an app that helps connect celebrities with “superfans.”