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Closinglock Announces $4M in Funding led by LiveOak Venture Partners
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Rhea-AI Summary
Closinglock, a fintech startup based in Austin, has successfully raised $4 million in a seed round led by LiveOak Venture Partners. The funds will be directed towards expanding teams in sales, customer success, and product development. Closinglock addresses the critical issue of wire fraud in real estate, which costs the industry over $1 billion annually. Its secure portal technology has safeguarded over $100 billion in transactions across 42 countries, aiming to enhance trust in real estate dealings.
Positive
Successfully secured $4 million in seed funding, enhancing growth potential.
Addresses a critical issue of wire fraud, estimated to cost the industry over $1 billion annually.
Platform protects over $100 billion in transactions, demonstrating strong market adoption.
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Austin-based fintech startup is modernizing the real estate payments experience to eliminate wire fraud.
AUSTIN, Texas--(BUSINESS WIRE)--
Closinglock, a proptech & fintech startup focused on modernizing the real estate transaction process, announces that it has closed a $4M seed round led by LiveOak Venture Partners with participation from RWT Horizons and GTMfund. The funds will be used to expand its teams across sales, customer success, and product development.
Andy White, Co-founder and CEO (Photo: Business Wire)
Wire fraud is one of the largest problems in real estate today and is estimated to cost the industry over $1 billion per year in lost funds. With Closinglock’s secure portal technology and workflow platform, title and escrow professionals no longer need to share sensitive information via email where the bulk of fraud occurs in real estate transactions.
Closinglock’s first product, a secure portal, was introduced in 2018 to protect title companies and attorney offices from the growing problem of real estate wire fraud. Since then, Closinglock has expanded its product offerings to include secure wire instructions, document sharing, eSignature, and loan payoff verifications all in a single platform. Today, Closinglock serves some of the largest title companies, home builders, and real estate attorneys in the country, representing more than $100 billion in transaction value to date across all 50 states and 42 countries.
“The top concern amongst real estate title and escrow companies remains wire fraud as a single wire fraud incident can bankrupt entire organizations,” said Andy White, Ph.D., CEO of Closinglock. “Our current platform has robust adoption in the industry, but we also have exciting plans for the future across the breadth of real estate transactions. To that end, we sought out the best proptech investors in the world and are extremely proud to partner with LiveOak as our lead investor.”
“Eliminating inefficiencies in the real estate transaction process is a theme that we are excited about across our proptech and fintech portfolio. Closinglock’s ability to build trust with buyers, brokers, and title companies by securing the highest risk element of the transaction provides the company with a unique opportunity to build out a comprehensive platform for managing the entire transaction closing process,” said Mike Marcantonio, Partner at LiveOak Venture Partners and Closinglock board member. “The industry’s exceptional response to this product in such a period of time is a testament to the magnitude of the problem and the Closinglock team’s unique blend of product development expertise, domain knowledge, and security focus. We’re elated to be partnering with the company as it embarks on the next step in its journey.”
About Closinglock
Closinglock continues to provide the industry-leading platform for securely sharing wire information while remaining simple and intuitive for the end user. To date, Closinglock’s platform has protected hundreds of thousands of real estate transactions totaling over $100 billion in value and continues to work with over 3,000 real estate escrow professionals across the country. The Closinglock platform has been used by clients in all 50 states and across 42 countries.
About LiveOak Venture Partners
LiveOak Venture Partners is a venture capital fund based in Austin, Texas. With over 20 years of successful venture investing in Texas, the founders of LiveOak have helped create nearly $5 billion of enterprise value. While almost all LiveOak's investments begin in the early stages, LiveOak is a full life cycle investor focused on technology and technology-enabled service companies based in Texas. With close to $500M under management, LiveOak Venture Partners has been the lead investor in over 50 exciting high-growth Texas-based companies in the last decade including ones such as DISCO (NYSE: LAW), Digital Pharmacist, Eventus, OJO Labs, Opcity, Homeward, and TrustRadius.
