Spruce Raises $15.6M in Venture Capital
August 7, 2018
Spruce, a national title insurance and escrow company, has raised $15.6 million in new venture capital from investors including Bessemer Venture Partners, Omidyar Network and Collaborative Fund.
This brings the startup's total Series A financing to $19.1 million. Spruce will use the funding to continue growing its team and building its proprietary technology, which allows lenders and real estate companies to manage the title and closing process via APIs and by providing a digital closing experience to homeowners to manage their closing online.
"A real estate transaction can be one of the most important moments in a person's life, and for many it's a process fraught with confusion, frustration and unnecessarily high fees," said Patrick Burns, co-founder and CEO of Spruce. "We are building the modern solution to the current challenges faced by homeowners, mortgage lenders and real estate companies alike. And thanks to our latest funding, we'll have the opportunity to work with more people than ever before."
Spruce, which was launched in 2016, has worked with lenders and real estate companies in 36 states and plans to reach 48 states by the end of 2018.
"We're thrilled to continue to support the Spruce team as they look to expand their reach to serve more clients across the country," said Charles Birnbaum, partner at Bessemer Venture Partners. "There is a lot of room to grow in this industry, and we're confident that Spruce's approach will continue to resonate with lenders and innovative real estate models looking for a more efficient, technology-driven solution."
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