Spruce Raises $29 Million to Power Online Real Estate Transactions
May 27, 2020
Title and settlement company Spruce has raised $29 million in Series B funding led by Scale Venture Partners, with participation from Zigg Capital, Bessemer Venture Partners and Gramercy Ventures.
The funding will support the team’s expansion, accelerate development of its proprietary technology, Spruce said in a release.
“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,” said Patrick Burns, Spruce co-founder and CEO. “Spruce is proud to be supporting our clients on the forefront of this paradigm shift, and excited to provide the best tools to compete in an ever-changing environment.”
Since launching in 2018, Spruce new services transactions nationwide from operations hubs in New York, Texas, and California. The company has facilitated over $1.25 billion in transaction volume.
“We believe that Spruce is playing a critical role in enabling innovation in real estate transactions,” said Alex Niehenke, partner at Scale Venture Partners. “While we’re still in the early innings, change is happening fast. It’s only a matter of time before the manual processes in real estate transactions are transformed by digitization, connectivity, automation, and streamlined customer experiences.”
The latest funding comes after raising $16 million in 2018 from Bessemer Venture Partners, Omidyar Network and Collaborative Fund.
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