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NEW YORK – May 21, 2020 – Spruce, the national platform for enabling online real estate transactions with innovative title and escrow solutions, has raised $29 million in Series B funding led by Scale Venture Partners, with participation from Zigg Capital, Bessemer Venture Partners, and Gramercy Ventures. The funding will support the team’s expansion, accelerate development of its proprietary technology, and deepen integrations with client partners.
“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,” said Patrick Burns, Spruce co-founder and CEO. “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.”
Spruce was founded in 2016 to provide the APIs and services necessary for forward-thinking real estate and mortgage companies to create scalable, efficient, and convenient transactions. Unlike traditional title companies, Spruce empowers mortgage lenders, real estate investors, and PropTech companies to manage the title and closing process online, while providing a convenient, digital-first closing experience to homeowners.
Since its launch, the company has grown to service transactions nationwide, from operations hubs in New York, Texas, and California. They have enabled over $1.25bn dollars of transaction volume and are growing revenue by more than 400% annually.
“We believe that Spruce is playing a critical role in enabling innovation in real estate transactions,” said Alex Niehenke, partner at Scale Venture Partners. “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.”
This latest funding comes after a $16 million raise in 2018 that included Bessemer Venture Partners, Omidyar Network, and Collaborative Fund. For more information, please visit www.spruce.co.
Spruce is building the platform for powering online real estate transactions. Its APIs and dashboards for title insurance, escrow, and related services enable forward-thinking mortgage lenders, real estate investors, and PropTech companies looking to scale efficiently and to provide great experiences to their customers. Spruce services transactions nationwide, with operations centers in NY, TX, and CA. For more information, visit www.spruce.co to schedule a demo.
Scale is a Silicon Valley-based venture capital investment firm with $1.3B under management. We were early investors in SaaS pioneers like Bill.com (NYSE:BILL), Box (NYSE:BOX), DocuSign (NASDAQ:DOCU), HubSpot (NYSE:HUBS), and RingCentral (NYSE:RNG). Today we’re investing in the next generation of great enterprise software companies building the Intelligent Connected World, companies like JFrog, WalkMe, CircleCI, KeepTruckin, BigID, and Lever. Learn more at www.scalevp.com.
Zigg Capital invests globally in technology companies that accelerate the combination of real property with technology. Headquartered in New York, Zigg seeks to support and empower the world’s best real estate technology entrepreneurs. For more information, please visit www.ziggcap.com
Bessemer Venture Partners (BVP) is a $5B global venture capital firm that invests in consumer, enterprise and healthcare startups from seven offices around the world. One of the longest-standing venture capital firms in the world, BVP invested in the early stages of Pinterest, Twitch, Blue Apron and Skype and has helped 122 of its companies go public, including SendGrid, Twilio, MindBody, Shopify, Wix, Yelp and LinkedIn. Follow us @BessemerVP.
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