Title and closing startup Spruce announced today that it has raised $60 million in new funding, bringing its total haul across multiple fundraising rounds to $110 million.
The latest cash infusion is part of a Series C funding round and came from venture capital firms including Zigg Capital, Bessemer Venture Partners and Scale Venture Partners. In a statement Wednesday, Zigg Capital Managing Partner Dave Eisenberg praised Spruce for having “the key qualities of a world class technology company.”
Dave Eisenberg
“Spruce’s platform is central in enabling better, faster, and more affordable real estate transactions,” Eisenberg added. “Zigg’s significant investment in Spruce shows not only our confidence in the Spruce team but also in the real estate technology sector at large.”
Patrick Burns and Andrew Weisgall founded Spruce in 2016 with the goal of streamlining real estate transactions. They also specifically wanted to enable a “one-click” experience for consumers closing on a property, and today the company provides title insurance, closing and escrow services, and other offerings. Spruce has also built its own technology, which incorporates machine learning, according to its statement.
Spruce has had a number of previous successful fundraising rounds, including in 2018 and last spring, which bring the total haul to $110 million over the last five years. In Wednesday’s statement, the company also said that it has been growing “more than 450 percent annually” since its founding, and that it has reduced “transaction times by up to 25 percent, saving homeowners up to 20 percent on closing costs.”
The firm operates in 48 U.S. states.
Patrick Burns
In the company statement, Burns struck an upbeat tone, saying that “our work with our clients fundamentally changes the way partners and consumers experience real estate transactions.”
“While we’re just getting started,” Burns added, “we’re more excited than ever to work with our innovative partners to build the one-click checkout for real estate–especially as the attention on consumer needs and expectations has surged.”