Closing is often one of the hardest parts of the home purchasing and selling process due to the difficult process of getting all involved parties on the same page at the same time. Qualia, a web-based software platform, aims to streamline that process, and it recently raised $33 million to expand its reach in the real estate industry.
Qualia’s platform has extensive document libraries and information specific to locations around the country, which is often one of the biggest hangups about closings.
A common struggle among other closing software providers is keeping filing documents and workflows up to date, as well as service disruptions when they need to implement updates. However, because Qualia is web-based, customers don’t experience service disruptions. It also gets “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,” the company explains.
Qualia plans to use its new funding to further grow its product, specifically its engineering and product teams.
“Qualia is a great example of a modern system of record that dramatically improves workflows, coordinates all key constituents, and has a powerful network effect,” said Tyler Sosin, Menlo Ventures partner. “The Qualia team has a unique perspective on one of the most acute pain points in the real estate industry, the closing process, and are poised to become the industry’s default real estate transaction platform.”