Today’s home buyer can find a home, tour it and finance it on their phones, so why should the closing experience be any different? A Miami-based proptech, Expetitle, set out to make closings efficient and transparent, and save home buyers money in the process. The startup is now delivering fully digital, remote closings in three states.
To roll out remote closings to more consumers across the country, Expetitle has closed a $2.3 million seed round led by Chilean investment firm Beagle Ventures and including LAB Ventures, TBD Angels and several family offices, and angels inclusing Shai Goldman of Brex and Patrick Dwyer of Silicon Valley Bank, said Sean Daly, founder and CEO of the startup that was incubated in LAB Ventures’ Startup Studio at the LAB Miami.
“When it comes to the closing process, most transactions still happen in a lawyer’s office with a thick stack of paper. Expetitle has changed that with a fully remote process, giving buyers, sellers and their agents everything they need with just a click of a button,” said Daly. “With this new capital we will be rolling out our solution to new states and with new partners across the country.”
That expansion has already begun. Expetitle delivered its first remote closing in Florida in January 2020, but since then has been building brokerage partnerships to expand as it tackles the $15 billion US market. The startup now operates in Florida, Georgia and Texas and is in the process of expanding to 10 more states, said Daly (pictured above). Just this month, Expetitle announced it is partnering with national brokerage 1st Class Real Estate, which plans to roll out Expetitle’s service to its 50 offices across the country.
“We tripled revenue over last year, increased our closings dramatically with multi-state brokerages we work with, and we are set up with direct revenue so we can work directly with brokerages and homebuyers. Our technology been developed substantially, too,” said Daly, a Miami native lured back from his startup life in New York City to found Expetitle in 2019. “Now the goal is to use this capital to keep doing what we are doing and we will probably raise a Series A in the next 8 to 12 months.”
In the past year, Expetitle has also filled out its management team, including hiring Chris Mastrangelo as COO about six months ago. The recent transplant from Boston was a former co-founder of multiple startups, including KarmaLoop.
The Expetitle team is 16 full-time employees – the majority of them in South Florida – and Daly plans to grow the team to 25 or 30 people within the next six months.
To see more recent #MiamiTech financing rounds, see Refresh Miami’s ongoing list here.
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