TL Ventures and Milestone International Investments, a United Arab Emirates entity, are teaming to provide $5 million to the rounding fund. The balance of the equity financing is coming from Expeditrix's initial investors: Neil Webbor, cofounder and former CTO of Vignette; Denis Tracey, an Austin-based entrepreneur; and Kala Ranganathan, a communications executive.
Expeditrix will use the funding to accelerate its growth through recruiting and ramping out the national rollout of its premier product, SmartClose, a secure Web-based service that leverages the power of the Internet to facilitate the entire residential real estate closing process. By linking all closing participants together in a collaborative online workspace, SmartClose streamlines communication and document management and increases the rate of successful real estate closings.
Expeditrix also is naming Bob Fabbio and Gavin Gray will join the nine-member board of directors. Fabbio is TL Ventures' managing director and Gray, a key executive with the Milestone Group.
Tim Ford, Expeditrix chairman and CEO, says the funding is "a true validation of our market focus" while the new board members' operational experience will facilitate the company's "rapid growth and allow us to take advantage of an enormous market opportunity.
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