Champ Titles, a leading provider of digital vehicle title, registration, and lien systems of record in the United States, announced it has raised $18 million in Series C financing. Point72 Ventures led the round, joined by existing investors W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, Rev1 Ventures, and others. Including this round, Champ Titles has raised over $45 million.
Champ Titles will use the funding round to fuel its ongoing growth. Through its Digital Title and Registration Suite (DTRS), Champ partners with state governments to improve motor vehicle departments by replacing aging title and registration systems. This funding round will enable the company to take on as many new clients as the market will bear.
Since its founding in 2018, Champ Titles has differentiated itself as a true partner to state government. Its SaaS-based solutions require no upfront cost, utilize a pay-as-you-transact model, can be launched quickly, and are continuously improved.
Champ Titles’ success has been measured by eliminating over 5 million pieces of paper annually on average per state. The company has also reduced processing time from 40-60 days to a matter of hours for industry participants like car dealers, lenders, insurance carriers, and fleets.
KEY QUOTES:
“We made tremendous progress over this past year—we onboarded new states, including New Jersey, Kentucky and Illinois, expanded our relationship with West Virginia by creating the first National Digital Titling Clearinghouse (NDTC), and grew revenue by more than 300%. We could have continued growing at a measured pace, but we are incredibly excited and grateful to have this round of financing to accelerate our business as we enter our next phase of growth with our great state DMV partners.”
“This round in addition to our recent wins with DTRS and NDTC, which allows automotive retailers, fleets, and insurance carriers to transfer titles from any vehicle in any state, are further proof points that our innovative approach to technology and to government partnerships are resonating. We are proud of these pioneering characteristics and are confident they will ensure our continued success.”
- Shane Bigelow, Chief Executive Officer
“The current title management process is largely paper-based, error-prone and requires significant time and effort from all parties involved. We believe Champ Titles’ platform offers a comprehensive and simplified solution for state DMVs and addresses a longstanding pain point. We are excited to be part of their journey.”
- Adam Carson, Partner at Point72 Ventures
