States Title announces Series C
San Francisco-based title insurer States Title announced it has closed a Series C financing round of $123 million, led by Greenspring Associates, bringing its total funding to date to over $229 million.
Greenspring Associates led the round with significant investments from new investors 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.
Founded in 2016, States Title’s patented technologies allow the use of data science to create predictive title insurance based on an assigned risk score to indicate how safe a property is from liens or liabilities. “The company has a talented team of nearly 1000 data scientists, engineers, product managers, and operations associates throughout the U.S.”
“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. 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.” – Max Simkoff, Founder and CEO of States Title.
“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. 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.” – Jim Lim, Managing General Partner of Greenspring Associates.
States Title’s clients are mortgage lenders. The company acquired North American Title Company and North American Title Insurance Company in early 2019 and its transaction volume grew by 100x from 2018 to 2019 and the combined business has closed or issued insurance policies for nearly half a million real estate transactions in the past year.
Bottom Line: Flueid comes to mind.