JetClosing, which acts as a digital title and escrow company, is a spinout from Pioneer Square Labs.
Seattle startup JetClosing wants to cut out much of that pesky paperwork you have to sign while buying or selling a home, and the company raised $20 million from investors to do it.
JetClosing is a title and escrow company that operates using cloud technology and a mobile app — meaning homebuyers and sellers can sign documents digitally and finish the escrow process in as few as two days, it says.
JetClosing charges buyers and sellers each a $500 flat fee, and charges a fee for the title insurance policy, which is generally around $2,000. The company operates in Seattle, Las Vegas, Denver and Phoenix and plans to use some of its latest investment to expand to new areas around the Northwest and country.
The company spun out of Seattle startup studio Pioneer Square Labs in 2016, the studio’s third spinout. Pioneer Square Labs is led by several prominent Seattle entrepreneurs and investors with the goal of creating, incubating and spinning out companies quickly.
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JetClosing worked out of the Pioneer Square office for a while, and has now moved downtown. It has 34 employees, CEO Dan Greenshields said, and plans to grow to 100 by the end of the year.
JetClosing enters the real-estate process as soon as a buyer and seller have agreed on a contract. It then facilitates the title and escrow process so a deal can close. Most of that is done digitally, but some lenders still require paper signatures so the company will also send notaries to people’s homes, Greenshields said.
In Seattle’s hot housing market, lenders sometimes aren’t even part of the process. About 40 percent of the purchases JetClosing processes are all-cash deals, Greenshields said.
The company works with fellow Seattle startup FlyHomes, another real-estate startup that raised funding recently and is trying to speed up the real-estate-buying process.
JetClosing’s latest funding round was led by T. Rowe Price. Pioneer Square Labs’ venture arm also pitched in, as did Imagen Capital Partners and other previous investors.