Just 12 months after closing on a $35 million Series C, Boston-based Notarize announced Thursday it has raised another $130 million, capping off a year where its annual revenue grew a reported 600 percent.
Led by fintech-focused VC firm Canapi Ventures, this Series D is larger than the sum of Notarize’s previous funding rounds to date, and brings its total capital raised to $213 million. A slew of other notable investors, including Alphabet’s independent growth fund CapitalG, Citi Ventures, and Wells Fargo, participated in the round as well.
True to its name, Notarize came on the scene in 2015 as the first company allowing people to sign and notarize documents completely online. From real estate agreements to wills to banking transactions, the platform allows users to get their documents legally notarized remotely. All they have to do is upload their document, verify their identity, and connect with a Notarize notary on a two-way video call. Once notarized, the document can be downloaded and emailed automatically.
Canapi’s Neil Underwood insists that Notarize “isn’t just a notary company,” though. Instead, he says it is the “last mile of multi-billion-dollar business models,” providing “seamless, personalized online ‘checkout’ experiences” for companies across a variety of industries.
“Notarize is disrupting outdated business models and technologies, and there’s massive potential, particularly in the financial services space, as more companies will need to offer secure digital alternatives to in-person transactions,” Underwood, who is also joining Notarize’s board, said in a statement.
Traditionally, the notarization process is decidedly un-techie, so Notarize has been a game-changer, particularly amid the pandemic.
“In 2020, the world rushed to digitize. Online commerce ballooned, and businesses in almost every industry needed to transition to digital basically overnight so they could continue uninterrupted,” founder and CEO Pat Kinsel said in a statement. “Notarize was there to help them safely close these deals with trust and convenience.”
Indeed, Notarize says it experienced “explosive growth” last year. And its ascent was a quick one — in the four months between closing on its Series C and announcing it in July, Kinsel says business skyrocketed by 400 percent, dubbing 2020 “the year of digital notarization.” Usership has grown a lot across a range of sectors, too, especially real estate (800 percent), financial services (300 percent) and retail (nearly 300 percent).
CapitalG partner Jesse Wedler says Notarize’s unique model and focus on compliance leaves it poised to dominate this burgeoning space in the long term, predicting that the need for online notary services will outlive the pandemic.
“While Covid was an initial catalyst for adoption, we are seeing an acceleration of demand driven by the process efficiency gains and compliance improvements made possible by remote online notarization,” Wedler said in a statement. “We’re excited to be working alongside Pat and his dedicated team as they rewire how industries work in tomorrow’s economy.”
Until then, Notarize plans to use this fresh funding to expand its platform and product, move into new industries, and grow its team. The company currently has more than 20 open tech positions available now.
