Champ Titles raises $18 million

Champ Titles , a provider of digital vehicle title, registration, and lien systems of record in the US, announced it has raised $18 million in Series C financing. Point72 Ventures led the round and was joined by existing investors W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, and Rev1 Ventures, among others. To date, Champ Titles has raised more than $45 million.

Founded in 2018, Champ partners with state governments to improve motor vehicle departments by replacing aging title and registration systems. Its SaaS-based solutions require no upfront cost, utilize a pay-as-you-transact model, can be launched quickly, and are continuously improved.

“We made tremendous progress over this past year—we onboarded new states, including New Jersey, Kentucky and Illinois, expanded our relationship with West Virginia by creating the first National Digital Titling Clearinghouse (NDTC), and grew revenue by more than 300%. We could have continued growing at a measured pace, but we are incredibly excited and grateful to have this round of financing to accelerate our business as we enter our next phase of growth with our great state DMV partners,” said Shane Bigelow, Chief Executive Officer.

“The current title management process is largely paper-based, error-prone and requires significant time and effort from all parties involved,” said Adam Carson, Partner at Point72 Ventures. “We believe Champ Titles’ platform offers a comprehensive and simplified solution for state DMVs and addresses a longstanding pain point. We are excited to be part of their journey.”