Real Estate Tech Startup Fir tree announced in Wednesday a $ 60 million Series C funding round led by Capital Zigg and backed only by regular investors, including Bessemer Venture Partners Y Scale Venture Partners. With the addition of its latest round, Spruce’s total funding is now $ 110 million.
Founded in 2016, Spruce is best known for its platform to help mortgage lenders, real estate investors and PropTech companies manage their title and closing processes. The New York-based startup’s latest round of financing will focus on the continued expansion of its technology as it navigates the highly competitive and ever-growing digital mortgage space.
Zigg previously participated in Spruce’s $ 29 million Series B funding round in May 2020 and is no stranger to the digital real estate space, having invested in the digital mortgage closing platform. SnapdocsSeries D round in May. Zigg also backed the $ 40 million seed round for Volume Networks, a Connecticut-based digital mortgage startup founded by ex-Zillow executives Carey Armstrong and Greg Schwartz in October 2020.
“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. “Although we are just getting started, we are more excited than ever to work with our innovative partners to build one-click payment for real estate, especially as attention to consumer needs and expectations has increased.”
In March Fir tree announced a joint project with the insurtech platform Digital partners Y American digital title insurance company to deliver a fully underwritten title pledge that it says can be completed in minutes. The joint project illustrated Spruce’s close association with Munich Re, which owns Digital Partners and American Digital Title Insurance Company and is also an investor in the startup.
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Spruce currently works with clients such as Better.com, Hometap, and US Wide. Executives said it is the only title solution that offers its open API directly on its website.
The tech startup said the new automated underwriting offering is part of its broader vision to enable one-click real estate transactions, a common theme among housing fintech firms as financing rounds and acquisitions dominated the shift. continuum from 2020 towards “end to end”. mortgage experience. It claims that it reduced the closing time on mortgages, which have an industry standard of about 51 days, by 25%.