I’m pleased to announce today that Tiger Global has led a $55 million Series C investment in Qualia alongside existing investors Bienville Capital, 8VC, and Menlo Ventures.
Nearly five years ago, my co-founders Joel, Lucas, and I started Qualia to make buying and selling real estate easier. We wanted to get rid of the overwhelming amount of paperwork and friction in the closing process. We envisioned an easier closing process for everyone involved, including the buyer, seller, title agent, escrow officer, lender, and real estate agent.
We are now the leading cloud-based closing software on the market. We process over a million real estate transactions annually and have completed closings across 82% of U.S. counties. In less than two years, we have tripled our market share, growing from 5% of all U.S. real estate transactions in March 2018 to more than 15% today. Notably, Iowa Title Guaranty, the state agency with exclusive authority to provide title coverage in Iowa, recently selected Qualia to provide the foundation for Iowa’s real estate infrastructure.
Real estate tech is moving forward quickly and is changing the way consumers search for, transact, and own homes. I’m proud that Qualia is serving as the backbone infrastructure to enable much of that change.
In these past five years, we’ve had the good fortune to connect with thousands of advisors, customers, and partners, whose input have all contributed to making Qualia what it is today. We’ve also hired some of the smartest, kindest, most hardworking employees from all walks of life—from former real estate attorneys and title & escrow agents to recent college grads—all of whom have contributed to Qualia’s development and growth. Through all this, we have deepened our understanding of the precise pain points that exist across the entire real estate transaction process, and importantly, how to alleviate them.
All this could not have been possible without our over 220 employees across San Francisco and Austin and the industry partners who rely on Qualia every day. With this additional funding, we plan to hire across both offices to build out our product, engineering, and go-to-market teams so that we can accelerate our growth and continue to make the home closing experience what it should be.
If the last five years are any indication, the future of real estate is bright and primed for some big changes. I’m proud of what Qualia has become today, and I’m excited about the opportunities on the road ahead.