Spruce Raises $60 Million in Series C Funding Led by Zigg Capital
NEW YORK, June 2, 2021 /PRNewswire/ -- Spruce, the proptech company powering online real estate transactions, today announced a $60 million Series C funding round led by Zigg Capital. Existing investors, including Bessemer Venture Partners and Scale Venture Partners, also participated. This latest investment, which will be used to build upon Spruce's leading title and residential closing technology offerings to help its clients grow, brings Spruce's total funding to $110 million.
Since its inception in 2016, Spruce has grown more than 450% annually, powering tens of thousands of transactions for leading digital mortgage lenders, SFR investment platforms, iBuyers, and each of the top five equity co-investment companies. Doing business in 48 U.S. states, Spruce's industry advancements to date include reducing transaction times by up to 25%, saving homeowners up to 20% on closing costs, and enabling transactions outside of restrictive Federal hours. Spruce is also the only title solution to offer its open API directly on its website.
"Spruce has the key qualities of a world class technology company; exceptional product and operations teams delivering quantifiable value for its customers. Spruce's platform is central in enabling better, faster, and more affordable real estate transactions," said Dave Eisenberg, a Managing Prtner at Zigg Capital. "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."
Spruce's recent national survey showed that current and prospective homeowners prioritize affordability, transparency, and speed when closing on a home. Through its work with tech-forward partners, Spruce provides the scalable infrastructure and fundamental technology required to meet–and exceed–these consumer expectations.
On their experience working with real estate companies powered by Spruce's platform, one borrower said: "The closing process was seamless and easy to follow with no hassle. It just worked!" While another remarked: "The process was transparent, service was convenient, and communication was excellent."
"Our work with our clients fundamentally changes the way partners and consumers experience real estate transactions," said Patrick Burns, CEO and co-founder of Spruce. "While we're just getting started, 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."
Spruce provides nationwide title insurance, closing, escrow, and recording services through proprietary technology and centralized teams, adding transparency and speed to an otherwise opaque and time-consuming process. Combining machine learning technology with a team of experts, Spruce's scalable model serves forward-thinking lenders, real estate investors, and proptech companies.
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