Qualia raises $65M, becomes a unicorn fintech
Qualia has raised $65 million in new venture capital financing, pushing the real estate closing technology company into "unicorn" status, with a valuation of over $1 billion.
There are 510 unicorn companies worldwide at this time, with 74 classified as fintechs by CBInsights.com. Among those that have connections to the U.S. mortgage industry besides Qualia are SoFi, Better.com, Blend and Figure Technologies. Better.com raised $200 million in a Series D round in November.
The investors in Qualia's Series D round are Tiger Global as the lead, along with 8VC and Menlo Ventures. All three of those companies participated in the Series C round that Tiger Global also led, and Menlo Ventures led the Series B round that 8VC was also a participant in, according to Crunchbase.
Since 2015, Qualia has raised a total of $160 million from nine investors.
In addition to the capital raise, Qualia acquired Adeptive Software, the developer of the ResWare title and escrow production technology. Terms of the deal were not disclosed.
"We're very excited about what this acquisition and financing means for the next stage of Qualia's growth," its CEO Nate Baker said in a blog on the company's website.
"Adeptive brings an almost 20-year track record of providing exceptional software and services to the title and escrow industry. Over this time, they've built enterprise-class software used by some of the largest and most complex title operations, complete with a host of integrations for their service partners," Baker said. "With our combined ecosystem of customers and partners, we now have an opportunity to power the industry to deliver an even greater level of service to the homebuyer."