Title insurance startup Spruce raises $29M in Series B
Scale Venture Partners led the fundraising
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