Notarize, which claims to be the first digital, end-to-end platform for automating legal documentation remotely for a wide range of industries including real estate has secured $8 million in Series A financing led by Polaris Partners.
Other participants in the round included Founder’s Fund, Ludlow Ventures and other individual investors. Additionally, Polaris Partners Managing Partner Dave Barrett will join the Notarize board.
The most recent capital injection follows the USA-based company's seed funding of $2.45 million from Polaris Partners, Ludlow Ventures and other individual angel investors, bringing the company’s total funding to $10.45 million since it was founded in May 2015.
Notarize enables life's most important transactions, anytime, anywhere by providing the first digital, end-to-end, remote notarization service.
The Notarize platform allows for a more convenient, affordable and secure solution to antiquated legal documentation services.
The technology also opens many industries, including real estate and financial services to faster turnaround times and increased productivity with reduced complexity and human error.
Notarize founder and CEO Pat Kinsel says the investment will fuel the growth and transformation in the antiquated notarization process and help the company serve new business markets, such as mortgage and financial services.
Kinsel, a Boston-based tech entrepreneur behind location-based social discovery app Spindle, which was acquired by Twitter in 2013 says the idea for Notarize was born after he had "a really bad experience" trying to find a notary.
The report says those documents notarized in Virginia are valid across state lines due to the full faith and credit clause of the US Constitution.
Notarize co-founder and COO Adam Pase told BizJournals he estimates the company is entering a $30 billion market opportunity since more than 1 billion documents, from real estate to fishing and hunting licenses and power of attorney documents, require a notary every year.
"There's built-up demand because no one's really focused on this. They're all thinking about the next social media app," Pase is quoted to have said in the report.
Kinsel says the NNA will assist with training and certification of the platform's electronic notaries and enable Notorize agents to tap into the NNA’s community and support services.
"This partnership will provide additional support by allowing Notarize to continue to provide a convenient, safe and secure solution to improve the way notarization services are delivered to a national audience," Kinsel says.
Kinsel adds Notarize is on a rapid growth trajectory and has experienced incredible momentum, including delivering expanded support for both iOS and desktop versions and notarizing thousands of documents to date.
“The feedback we’re receiving from users is inspiring and we are thrilled about redefining the notarization industry by injecting leading technology that empowers consumers and businesses to go digital,” he says.
Notarize has appointed key leaders to help grow the business by opening up new markets including former US Department of Treasury CFO Dan Tangherlini who will join Notarize as Principal of Government Operations.
Michael Chodos has been appointed General Counsel while Alexander Jenkins will serve as Vice President of Product.
Polaris Partners' Dave Barrett says both businesses and individuals rely on notarizations for critical documents.
"Notarize offers an online, convenient and secure way to modernize the process. The company is extremely well-positioned to transform the notary industry.”