Spruce Secures $15.6 Million in New Venture Capital

National title insurance and escrow company Spruce secured $15.6 million in new venture capital from investors Bessemer Venture Partners, Omidyar Network, and Collaborative Fund, bringing the startup’s total Series A financing to $19.1 million.

Launched in 2016 as the first digital-native title company, Spruce is striving to modernize the paper-based process of closing real estate transactions by allowing lenders and real estate companies to manage the title and closing process via intelligent APIs and by providing a digital closing experience to homeowners to manage their closing online. The company’s escrow technology is designed to allow transaction participants to receive their proceeds quicker and more securely. To date, Spruce has worked with lenders and real estate companies in 36 states and plans to reach 48 states by the end of 2018.

Spruce plans to use the funding to continue growing its team and building its proprietary technology.