Series A investor Aquiline Technology Growth led the latest funding round following the closure of a new $365 million fund, Aquiline Technology Growth Fund II, back in May.
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Flueid, a tech provider that uses title data and insights to help real estate transactions flow smoothly, announced Wednesday it raised $15 million in a Series B funding round and an additional $5 million in debt financing.
Founded in 2017 by Title365 veterans Peter Bowman and Peter Richter, Flueid Software Corp. says its technology suite has helped process more than 1 million transactions, with monthly transaction volume growing by 800 percent in 2021.
The Austin, Texas-based company’s main product, Flueid Decision, provides data and insights needed to clear real estate transactions for closing at the beginning of the process, and is used by lenders, real estate brokerages, real estate marketplaces, lending and title platform providers, title agents and title underwriters and servicing platforms.
Launched in 2020 to streamline mortgage refinancing, the Flueid Decision platform was updated this year to handle purchase and home equity transactions. The patented platform embeds data into core operating systems of point-of-sale (POS) platforms, lender operating systems (LOS), title production systems (TPS), servicing platforms and marketplaces.
“Over the last 18 months, we’ve evolved our technology to power multiple transaction types and arm our partners with a modern, tech-forward solution that helps them capitalize on any market shift,” Bowman said in a statement. “This funding reinforces a shared confidence in our go-to-market strategy and our vision to power the real estate transaction from end-to-end with Flueid’s data, decisions and insights at the core.”
Flueid announced a Series A funding round led by Aquiline Technology Growth (ATG) in February 2021. Five months later, Flueid acquired the core proprietary technology and related assets of Vodii, a developer of software tools for the title and escrow industry.
ATG also led the Series B funding round, with participation by another Series A investor, Commerce Ventures. In May, Aquiline Capital Partners LLC, which manages ATG, announced the closing of Aquiline Technology Growth Fund II with $365 million in total commitments, nearly double the $189 million raised by ATG’s first fund. Both funds target early- and growth-stage technology companies across fintech, insuretech and related enterprise software and services.
“We are excited by Flueid’s exponential growth and product maturation, especially since our initial Series A investment just over 18 months ago,” said Jeff Greenberg, chairman and CEO of Aquiline Capital Partners, in a statement. “The company has combined its deep real estate industry knowledge and technology expertise to create a platform that’s enhancing real estate transaction workflows while minimizing risk. We look forward to supporting Flueid’s continued growth.”
Competitors include First American Financial Corp.’s digital title and settlement services subsidiary, Endpoint, which uses artificial intelligence to streamline document submissions and expedite processes, backing up its technology with local teams of escrow and title experts. Founded in 2018 as a collaboration between First American and venture capital firm BCG Digital Ventures, El Segundo, California-based Endpoint has raised $220 million to date, including $150 million provided by First American last year.
Digital title insurance, escrow and closing provider Doma is also working to adapt technology the company pioneered for mortgage refinancings and apply it to purchase loans, but has laid off more than 500 workers this year to cut costs as rising mortgage rates curtail refinancing.
Editor’s note: This story was updated on Oct. 11 to correct the amount of debt financing obtained by Flueid. The company raised $5 million in debt financing through a relationship extension with Silicon Valley Bank, not $2 million as originally reported.