Over the past 12 months, revenue from the company’s remote online notarization platform has grown 600 percent.
Notarize is capping 12 months of massive growth with a new $130 million Series D funding round, the remote online notarization firm announced Thursday. The funding comes on the heels of a year in which the firm saw a year-over-year revenue increase of 600 percent.
“In 2020, the world rushed to digitize,” Notarize CEO and founder Pat Kinsel said in a statement. “Online commerce ballooned, and businesses in almost every industry needed to transition to digital basically overnight so they could continue uninterrupted.”
The company plans to use the funding to expand its platform and product, as well as broaden its business across more key industries. and scale to serve businesses of all sizes. Notarize boasts partnerships with a number of real estate leaders, including Redfin, Zillow and First American.
“We’re now working with market leaders across countless industries and have proven that our platform transforms how companies operate in the digital age,” Kinsel added. “With the support of our investors, we look forward to helping more people and businesses bridge digital divides to keep lives moving forward in a post-pandemic world.”
In addition to the company’s massive growth over the past 12 months, as RON becomes more ubiquitous across the United States, Notarize, has seen the use of its platform explode, especially in the real estate industry, where remote and virtual closings became the norm due to the COVID-19 pandemic.
The company reported volume growth of 800 percent in real estate in the past 12 months, as well as 300 percent growth from the financial services sector, 200 percent growth in the automotive sector and 300 percent growth with retail and consumer customers.
On the heels of that increased use, the company increased its employee headcount by 100 percent. The company also plans to go on a hiring spree over the next year with some of the fresh funding.
The round was led by Canapi Ventures, a financial technology-focused venture capital firm. Neil Underwood, a partner at Canapi Ventures will join Notarize’s board of directors.
“Notarize isn’t just a notary company — it’s the last mile of multi-billion-dollar business models that promise seamless, personalized online ‘checkout’ experiences, and it’s the market-leading solution with the trust at scale required to meet the needs of numerous industries,” Underwood said in a statement.
“What’s more, Notarize is disrupting outdated business models and technologies, and there’s massive potential, particularly in the financial services space, as more companies will need to offer secure digital alternatives to in-person transactions.”
Alphabet’s independent growth fund CapitalG, Citi Ventures, Wells Fargo, True Bridge Partners and existing investors Camber Creek, Ludlow Ventures, NAR’s Second Century Ventures, and Fifth Wall Ventures also participated in the round, the company announced.
The new funding round brings Notarize’s total funding to date to $213 million.