States Title raises a $150 million debt round
San Francisco-based title insure States Title announced a $150 million debt financing from HSCM Bermuda, which has previously invested in the company. The financing follows a $123 million Series C filed last May and will be used to accelerate traction on an aggressive roadmap and market expansion to fundamentally transform the home closing experience — across product development, investment in go-to-market growth, and the refinance of debt to Lennar Corporation, who helped fund the 2019 acquisition of North American Title Company (NATC) and North American Title Insurance Company (NATIC).
“Today’s consumers expect processes to be simple, efficient and digital — and home buying, which is already stressful and overwhelming, should set the standard for easing customers’ journeys rather than lagging behind other digital solutions. At States Title, we’re not just fixing that system, we’re wiping it clean and building a better one from scratch. HSCM Bermuda has been a great partner, having participated in our last equity round prior to this debt financing. They see immense value in how we are overhauling the system and, together, we now have greater capacity to tackle this enormous market, with significant tailwind behind what we’re doing.” – States Title CEO Max Simkoff.
In January of 2019, States Title closed its acquisition of North American Title Group’s underwriting, and the majority of its local business (NATIC and NATC).
“We are thrilled to be growing our relationship with States Title as they become an increasingly integral part of the mortgage ecosystem. We first met them in 2016 when they were still a start-up in an old San Francisco warehouse. It is so exciting to see them grow into such a structurally important part of the real estate industry and we are excited to back them again on this next phase of growth.” – Vikas Singhal, a Partner at HSCM Bermuda.