Lead investor Sageview Capital, Headline and RWT Horizons poured resources in the company that one year ago closed a 12 million round
The Series B round of 34 million US Dollars of Closinglock, an Austin-based scaleup fintech for real estate frauds prevention, attracted the resources of lead investor Sageview Capital, Headline and RWT Horizons (press release).
In 2024, the Texas company raised 12 million from Headline, LiveOak Ventures, RWT Horizons, and GTMfund (press release)
Abigail White and Andy White founded Closinglock in 2017 and since then it ensured the money transfer and the information flow of housing deals worth 500 billion.
In 2023, US consumer posted losses in the region of 3 billion and reported 31000 real estate frauds and breaches of business e-mails, said the FBI Internet Crime Report 2023. The document says that real estate frauds victims can lose 0.143 million on average. On the ground of such data, Closinglock estimated that its proprietary technology helped US vendors and buyers to avoid 8250 attempted scams worth 1.24 billion.
“The purchase of a house is the most important investment for the majority of families, but a con artist may jeopardise it with fraudulent e-mails. We want to avoid this to happen”, said Andy White, ceo and co-founder of Closinglock.
The company will invest the proceeds of this last round in its proprietary technology with the aim of fighting AI and deepfake scams.
“We are pleased to work with Andy White and the great Closinglock team. Their innovative platform is changing the identity verification, eliminating computer fraud and simplifying payments in real estate transactions”, Ned Gilhuly, founding partner of Sageview Capital said. “With almost 25-fold growth over the past three years and an outstanding 90 per cent customer satisfaction, it is clear that Closinglock is delivering exceptional value to its customers. We are excited to support the company in unlocking its full potential and driving further growth in the industry”.
