- Spruce, a national platform for enabling online real estate transactions with innovative title and escrow solutions, announced it raised $29 million in Series B funding
Spruce, a national platform for enabling online real estate transactions with innovative title and escrow solutions, announced it raised $29 million in Series B funding led by Scale Venture Partners with participation from Zigg Capital and Bessemer Venture Partners. This round of funding will be used for supporting the team’s expansion, accelerating the development of its proprietary technology, and deepening 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 Spruce co-founder and CEO Patrick Burns. “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.”
Launched in 2016, Spruce is known for providing the APIs and services necessary for forward-thinking real estate and mortgage companies to create scalable, efficient, and convenient transactions. And unlikely 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.
Ever since Spruce launched, the company has grown to service transactions nationwide from operations hubs in New York, Texas, and California. And they have enabled over $1.25 billion dollars of transaction volume and are growing revenue at more than 400% annually.
“We believe that Spruce is playing a critical role in enabling innovation in real estate transactions,” added 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 round of funding comes after a $16 million raise in 2018 that included Bessemer Venture Partners, Omidyar Network, and Collaborative Fund.
