After a year of enormous rise, Notarize revealed that it had raised 130 million dollars in a Series D investment round in late March. Canapi Ventures, which is a judicial tech-focused investment organization, led the round.
Notarize is valued at $760 million in this series which is thrice over what it was worth when it raised $35 million in the previous series. This latest amount is higher than the firm's prior phases, bringing Notarize's overall collection to $213 million.
Founder Pat Kinsel said that it was evident when Covid struck, there would be a big market for their service. This year, he is most pleased that they've been capable of handling the traffic.
Canapi Ventures is joined by Alphabet's autonomous investment fund CapitalG, Wells Fargo, etc., in the phase. Fifth Wall Ventures, Second Century Ventures, as well as Camber Creek were among the previous investors who were present there.
Neil Underwood, a Canapi associate, will enter Notarize's panel. He described it as the final mile of mega business strategies that guarantee online exchanges. He believes that the company is completely changing the systems and structures of the obsolete business. He also added huge opportunities, especially in the legal area, as more businesses will have to provide secure online options for in-person deals.
In addition to emphasizing upcoming hiring, the firm wants to use its new funding to extend its system and product.
It also wants to grow to serve businesses of all types. Kinsel said that they are putting a lot of effort into making these things happen. There is still a lot of regulatory activity, whether it's new markets that are being cleared or huge commercial entities entering the sector in the first place. Month after month, they continue to grow, added the CEO.
CapitalG's Jesse Wedler stated that the marketplace for remote digital notarizations has exploded in the last year.
It is because the companies spanning industries have realized the crucial necessity for end-to-end digital procedures. While Covid was the main trigger for acceptance, companies are seeing an upsurge fueled by procedure increased efficiency and regulatory enhancements enabled by remote web notarization. He believes that Notarize seems to be the only enterprise-level answer in this market that satisfies stringent regulatory and legal standards while also providing enjoyable customer experiences.
Notarize today boasts 2,200 enterprise clients, including title company First American plus property platform Zillow.
It also has many private consumers who pay 25 dollars for each document to sign and seal it digitally. Last Spring, the company acquired 1,000 new notaries. In 2020, the company's revenue reached $25 million.
Notarize has been reinventing customer expectation by creating a streamlined process that'll be the cornerstone of all secured exchanges as the developer and dominant player of the remote digital notarization environment.
Following 600 percent year-over-year growth and the incorporation of COVID-19 as an important stimulus for product awareness, the Boston-based legal software company has a good chance of continuing its meteoric rise and gaining greater traction in the legal services industry.
The company has seen significant increases in the year before, especially in the real estate sector by 835 percent high, 324 percent high in financial services and 219 percent high in the vehicle insurance industry.