I’m happy to announce that Menlo Ventures has led a $33m Series B investment in Qualia.

Three years ago, Joel, Lucas, and I started Qualia in a dorm room at Stanford with the goal of modernizing the real estate transaction. Today, 5% of real estate transactions in the U.S. flow through Qualia’s exchange and more than half of the top hundred mortgage lenders and real estate brokerages use our products.

As every homeowner, real estate professional, or institutional investor knows, buying real estate is an unpleasant and difficult process. Despite being one of the largest asset classes in the world, real estate is bought and sold like it was before the internet. We believe this is not sustainable and that the real estate industry will look fundamentally different in ten years.

Qualia is building new tools to enable our customers and the next generation of real estate businesses. We are working to move the transaction process online and bring every real estate professional onto a shared system of record from the time the realtor gets the listing to the time when the transaction closes and beyond.

Reimagining the infrastructure for real estate is a large project and we have a long way to go. To be successful, we need to continue bringing together the best talent, investors, and partners and remember that the progress we’ve made to date is just practice for the larger challenges ahead of us.