Notarize recently raised about $17 million in funds, according to a Form D the firm filed with the Securities and Exchange Commission.
“The new funds are going to go towards our go-to-market strategy and sales efforts,” Ryan MacInnis, director of marketing, wrote in an email to Built In.
MacInnis declined to comment further on the funding except to say the Boston firm is hiring.
Founded in 2015, Notarize is a virtual notary platform. Businesses and consumers start by uploading their legal documents to Notarize. The platform verifies the user’s identity by reviewing their social security number, asking them individual-specific questions and looking over government-issued IDs.
Once a customer completes those steps, an online notary is videoconferenced into the client’s session to act as a legal witness to their signatory requests.
Notarize then stores customers’ documents in its platform for future use.
The SEC filing found that, of the $47.3 million Notarize aims to raise, 23 investors have so far bought $36.9 million in company securities, according to a Form D the organization filed on August 27.
The company’s first sale was completed in April 2018. According to the FormD, Notarize still aims to raise another $10.4 million.
In the SEC filing, Notarize also reported it converted $12.9 million in debt to equity funds.