Sean Daly knows just how onerous it can be to purchase a home remotely.
He learned that lesson the hard way when he was working in New York City and bought a home in Miami. It was a straightforward transaction, until he hit the title transfer process.
"It was like doing title in the dark ages," he said. “Consumers today can find a home online, tour it virtually, and arrange financing from their laptop, but when it comes to the closing process most transactions still happen in a lawyer’s office with a thick stack of paper."
That led to the launch of Expetitle, co-founded by Daly in 2019. The Miami-based venture is a digital title company that facilitates fully digital and hybrid real estate closings. And it's gaining traction: On Tuesday, Expetitle announced it completed a $2.3 million seed financing round led by Chilean venture capital firm Beagle Ventures. LAB Miami Ventures, Boston-based TDB Angels, Silicon Valley Bank Miami Managing Director Patrick Dwyer and Shia Goldman, a director at San Francisco fintech Brex, also contributed to the round.
Expetitle CEO Daly said the investment will be used to drive sales and marketing and hire new employees. The company works out of the LAB Miami startup studio in Wynwood and currently has 15 employees.
The new capital will also enable Expetitle to roll out its product to new U.S. markets. The service, currently available in Florida, Georgia and Texas, will expand to 10 additional states over the next year.
Expetitle is among a wave of companies using technology to disrupt the construction and real estate sectors. Venture-backed property technology firms raised $10.6 billion in the first half of 2021, according to Crunchbase data, with property management and construction tech startups winning the largest shares of funding.
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