The digital notarization and electronic signature service provider, Notarize, has raised $130 million in its Series D funding round on the 25th of March.
Notarize is now valued at $760 million, more than three times the value raised at his previous financing round worth $35 million in March of the last year. This new round is greater than the amount of all of Notarize's earlier rounds, bringing the business's total capital to $213 million since its founding in 2015.
Canapi Ventures, a fintech-centred venture capital company, headed the round, including True Bridge Capital Partners, Wells Fargo, Citi Ventures, and Alphabet's autonomous growth fund CapitalG and current stakeholders Fifth Wall Ventures, NAR's Second Century Ventures, Camber Creek, and Ludlow Ventures.
As Covid-19 struck and the world went on quarantine, businesses that relied solely on paperwork were abandoned, struggling to understand the regulatory complexities between the physical world and the digital world. Notarize's CEO and founder, Pat Kinsel, tried to get sufficient legislation passed around the country so that more citizens in more states could get their documentation notarized digitally. His and his team's perseverance became a success when Notarize experienced a year-over-year sales growth of 600 per cent.
Notarize has seen a huge rise in trades over the last year and has established new alliances with businesses including Zillow Group, Stripe, Dropbox, Adobe and many others. The real estate, financial institutions, retail, and automobile industry have all seen significant demand increases. According to Kinsel, as electronic commerce grew in popularity in 2020, companies in almost every sector were forced to make a digital transformation almost overnight to stay in business. During this troublesome period, Notarize was there to assist them in safely closing the deals while maintaining confidence and accessibility.
Rooted in Boston, Massachusetts, Notarize provides a mobile app and website that connects to a licenced notary public through a protected video chat. To verify the user's credentials, the app uses computer sensor technology and technology-based forensic testing. Consumers submit the document that needs to be notarized, enabling both the user and the notary to view it. Under the notary's state law, customers must pass an identification security assessment on Notarize's website.
The company is at the forefront of digital transformation, striking a balance between the promises of modern internet services and the complexities and demands of high-risk, controlled enterprises. As per the reports, the firm's total funding 31.9 million dollars with $270,000 as of the average annual income per employee. Moreover, the firm claims that it has assisted thousands of people and companies through its digital notarization services.
According to Neil Underwood, an associate at Canapi Ventures, the Notarize platform's capacity to traverse regulatory compliance leads to its development beyond its core stamp and sign. He believes Notarize will extend authenticity and trust to a much higher extent.
The company will book the new funds to broaden its platform and product, allowing it to serve companies of all sizes. It also intends to increase recruitment in the coming year. Notarize's performance follows a tough year in which the company lost "essential funding" and had to cut jobs.