Spruce, a title and escrow platform, has raised $29 million in Series B funding led by Scale Venture Partners, with participation from Zigg Capital and Bessemer Venture Partners.
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 real estate and mortgage companies to create scalable, efficient, and convenient transactions. 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 $1.25 billion of transaction volume and are growing revenue at more than 400 percent 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.