States Title Raises $123 Million to Improve Closings

May 21, 2020

States Title announced it has raised $123 million in Series C financing, led by venture capital investment firm Greenspring Associates.

“The most pressing need in our industry right now is to remove friction and cost from mortgage closings, and to do so with solutions that can deliver fully remote, instant, digital experiences,” said Max Simkoff, founder and CEO of States Title. “We are committed to further investment in our patented, industry-leading machine intelligence platform to support the goal of providing an instant closing experience at a lower cost. Right now we are witnessing an unprecedented shift in the structural foundation of the real estate industry, and this new funding will allow States Title to provide enhanced support for lenders, real estate agents, and homeowners, as well as provide a solid foundation for continued technological investment in the face of future economic uncertainty.”

In addition to Greenspring Associates, new investors include Horizons Ventures, Eminence Capital and HSCM Bermuda. All of States Title’s previous investors also participated in this round of financing, including a large investment from Foundation Capital, and additional investments from Assurant, FifthWall Ventures, Lennar Ventures and SCOR Global P&C Ventures.

“States Title has developed an automated, patented technology that streamlines the laborious title and escrow process, emerging as the market leader in an industry that historically lacks meaningful innovation,” said Jim Lim, managing general partner of Greenspring Associates. “We are thrilled to support States Title as they advance the vision of an instant mortgage that closes with one tap. Especially in the current economic climate, the mortgage industry needs to be re-imagined with transformative technological solutions to reduce costs and improve the customer experience. States Title is leading the vanguard of this transformation.”

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