Closinglock Announces $4M in Funding

August 18, 2022

Closinglock recently closed a $4 million 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.

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.

“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, 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.”

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, homebuilders and real estate attorneys in the country, representing more than $100 billion in transaction value to date across all 50 states and 42 countries.

“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.”

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