National Association of Realtors leads investment in DocuSign |
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National Association of Realtors leads investment in DocuSign
The venture arm of the National Association of Realtors has led a strategic investment in DocuSign, the Seattle developer of electronic signature technology. Real estate transactions -- which typically requires mountains of paperwork and endless signatures -- has been a key market for DocuSign.
And with the involvement of the NAR -- with 1.2 million members -- that business looks to grow. As a result of the deal, NAR president Dale Stinton will join DocuSign's board. The investment is actually being made through Second Century Ventures, a venture fund of the NAR which is dedicated to promoting innovations in the real estate business.
In a press release today, Stinton said that they see "huge potential" for DocuSign's technology in the residential and commercial real estate sector.
“Our capital investment and guidance will serve as a catalyst for this company to become the standard and meet the market demand for legally binding electronic signatures that help REALTORS close more deals at a faster rate, and offer the convenience and flexibility buyers require,” he said.
To date, DocuSign has said that more than 18,000 real estate professionals have used its product.
"The business is rockin' we've had an excellent year," said vice president of marketing Doug Wheeler in an email this morning. "And this investment and support for the residential and commercial real estate segment from 2nd Century and NAR is yet another positive for our momentum."
Back in May, the company -- now led by former CourtLink CEO Matthew Schiltz -- landed $5 million in financing from existing investors such as Frazier Technology Ventures, Ignition Partners, Sigma Partners and West River Capital.
Total funding -- prior to the NAR investment -- stood at $30 million.
About John Cook
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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