Title insurance startup Spruce raises $29M in Series B

Scale Venture Partners led the fundraising

TRD NATIONAL /
May.May 26, 2020 09:30 AM
Spruce co-founder and CEO Patrick Burns (iStock; Spruce)

Spruce co-founder and CEO Patrick Burns (iStock; Spruce)

As the coronavirus pandemic has highlighted the inefficiencies of traditional pen-and-paper closings, another startup has secured funding in its quest to digitize and streamline title and escrow procedures.

Digital title startup Spruce has raised $29 million in new funding as part of a Series B funding round, the firm announced last Thursday. Scale Venture Partners led the funding, in which Zigg Capital and Bessemer Venture Partners also participated.

“In these uncertain times, innovative mortgage lenders and real estate companies that support digital transactions are providing essential services to consumers, ensuring that critical moves are still possible and refinancing loans to help cover necessary expenses,” Spruce co-founder and CEO Patrick Burns said in a statement.

The New York-based startup, founded in 2016, had previously raised $20.1 million in Series A funding — a $4.5 million tranche in 2017 and $15.6 million in 2018, both led by Bessemer.

Also on Thursday, San Francisco-based digital title startup States Title Inc. announced that it had raised $123 million in a new funding round that valued the company at $623 million. [TechCrunch, Inman] — Kevin Sun


Related Articles

arrow_forward_ios
Paraag Sarva, Steve Lamberti and Joseph Strasburg (Linkedin, Getty)

Startup taps industry execs, mayors to pitch security-deposit alternative

Startup taps industry execs, mayors to pitch security-deposit alternative
States Title's Max Simkoff and The Real Deal's Hiten Samtani

Title insurance is broken. Here’s how this $623M startup hopes to rebuild it

Title insurance is broken. Here’s how this $623M startup hopes to rebuild it
Lane co-founders Clinton Robinson and Kofi Gyekye (iStock)

Proptech startup Lane raises $10M for office platform

Proptech startup Lane raises $10M for office platform
States Title's Max Simkoff and The Real Deal's Hiten Samtani

The REInterview: States Title’s Max Simkoff on reforming the murkiest corner of real estate

The REInterview: States Title’s Max Simkoff on reforming the murkiest corner of real estate
States Title CEO Max Simkoff (iStock, States Title)

States Title raises $123M to digitize title, mortgage and escrow

States Title raises $123M to digitize title, mortgage and escrow
Stay Alfred CEO Jordan Allen

Stay Alfred, VC-backed hospitality startup, closes for good

Stay Alfred, VC-backed hospitality startup, closes for good
Zeus Living co-founder and CEO Kulveer Taggar and one of the startup’s homes (Credit: Zeus Living, Facebook)

Airbnb-backed Zeus Living sees valuation halved

Airbnb-backed Zeus Living sees valuation halved
Sonder CEO Francis Davidson (Credit: Twitter, iStock)

Sonder investors bet $150M more on hospitality startup

Sonder investors bet $150M more on hospitality startup
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...