Title insurance company Spruce raises $29 million in Series B

New York-based real estate and title insurance company Spruce has raised $29 million in Series B funding led by Scale Venture Partners, with participation from Zigg Capital and Bessemer Venture Partners. The company has raised a total of $50.1 million since its inception in 2016.

Spruce provides transactional APIs and services to real estate and mortgage companies to manage the title and closing process online, while providing a convenient, digital-first closing experience to homeowners. Since launch, the company has grown to service transactions nationwide, from operations hubs in New York, Texas, and California; claiming they have enabled over $1.25b dollars of transaction volume and are growing revenue at more than 400% annually.

“In these uncertain times, innovative mortgage lenders and real estate companies that support digital transactions are providing essential services to consumers, ensuring that critical moves are still possible and refinancing loans to help cover necessary expenses. Spruce is proud to be supporting our clients on the forefront of this paradigm shift, and excited to provide the best tools to compete in an ever-changing environment.” – Patrick Burns, Spruce co-founder and CEO.

“We believe that Spruce is playing a critical role in enabling innovation in real estate transactions. While we’re still in the early innings, change is happening fast. It’s only a matter of time before the manual processes in real estate transactions are transformed by digitization, connectivity, automation, and streamlined customer experiences.” – Alex Niehenke, partner at Scale Venture Partners.

Bottom Line: the news follows States Title Series C round and Flueid’s first round.