Champ Titles raises $12.9 million
Digital titling platform Champ Titles has raised $12.9 million in a Series B funding round that included Adit Ventures, Ally Ventures, Berkeley Ventures, EOS Ventures, Guidewire , Second Generation LTD, State Auto Labs Fund, Sterling Partners and W. R. Berkley Corporation . To date, the company raised ~$30 million.
Founded in 2018, Ohio-based Champ Titles replaces state DMV title and registration systems with its software while also providing technology that enables automotive retailers and insurance carriers to reduce the amount of time it takes to create, manage, and transfer a vehicle title to ‘just one day’.
“We are thrilled that the industry has spoken: our recent large contracts and funding round are proof that the days of old, big, on prem deployments are over for title and registration solutions. There is a real call for low-cost, high efficiency, quickly enabled solutions to speed title and registration transactions anywhere in the world. Slow and outdated solutions with large upfront fees and many failed deployments across the country are costly to state governments and taxpayers. We are replacing each of those systems, one-by-one, with Champ’s DTRS technology, providing a solution to states who want to modernize and to taxpayers and residents who desire a better experience at the DMV. Further, our growth on the commercial side of our business and the closing of this oversubscribed round reveals to the market that our customers are truly succeeding with the use of our software.” – Champ Titles CEO, Shane Bigelow.
“We are delighted to invest in Champ once again. Their leadership in digitizing the title and registration space is clear, and their momentum is strong. We look forward to seeing how they change the insurance industry and many other verticals in the years to come.” – Jonathan Kalman, Founding Partner of EOS Ventures.
“As the leading platform P&C insurers trust to innovate, engage, and grow efficiently, we love to see more digital innovation in this area of claims within which we can assist Champ Titles.” – Michael Chen, Vice President, Head of Corporate Development and Ventures at Guidewire Software.
The company’s digital titling platform includes three solutions built for state government agencies, insurance carriers, financial institutions, and automotive retailers of all types:
- Digital Title and Registration Suite (DTRS) provides title and registration technology to states all around the U.S. and is a complete vehicle title administration solution to manage titles, registrations, liens, and dealer licensing for governments.
- Digital Title Loss allows any insurance carrier to quickly and easily acquire and dispose of a policyholder’s vehicle title in instances of total loss by digitizing the process end-to-end.
- Dealer Title is a 50-state solution to enable the purchase and sale of vehicles nationally by retailers of all types (physical, online, and hybrid) who are using the service to improve their vehicle acquisition and disposition processes.
