States Title Raises $123 Million to Transform Real Estate Closings
Greenspring Associates leads Series C financing round, alongside Horizons Ventures, Eminence Capital and HSCM Bermuda
21 May, 2020, 07:30 ET
SAN FRANCISCO, May 21, 2020 /PRNewswire/ -- States Title, one of the leading forces for disruptive change in the real estate industry, announced today that it has closed a Series C financing round of $123 million, led by Greenspring Associates. States Title is applying modern-day technology to ancient title and escrow processes to provide an instant customer closing experience, enable mortgage originators and realtors to be more efficient, and lower costs for everyone involved. The company is already one of the top ten largest real estate settlement services in the US and has seen 100x growth over the last year.
"The most pressing need in our industry right now is to remove friction and cost from mortgage closings, and to do so with solutions that can deliver fully remote, instant, digital experiences," said Max Simkoff, Founder and CEO of States Title. "We are committed to further investment in our patented, industry-leading machine intelligence platform to support the goal of providing an instant closing experience at a lower cost. Right now we are witnessing an unprecedented shift in the structural foundation of the real estate industry, and this new funding will allow States Title to provide enhanced support for lenders, real estate agents, and homeowners, as well as provide a solid foundation for continued technological investment in the face of future economic uncertainty."
Greenspring Associates, a comprehensive venture capital investment platform with over $10 billion in assets under management, led the round with significant investments from new investors Horizons Ventures, Eminence Capital, and HSCM Bermuda. All of States Title's previous investors also participated in this round of financing, including a large investment from Foundation Capital, and additional investments from Assurant, FifthWall Ventures, Lennar Ventures, and SCOR Global P&C Ventures.
"States Title has developed an automated, patented technology that streamlines the laborious title and escrow process, emerging as the market leader in an industry that historically lacks meaningful innovation," said Jim Lim, Managing General Partner of Greenspring Associates. "We are thrilled to support States Title as they advance the vision of an instant mortgage that closes with one tap. Especially in the current economic climate, the mortgage industry needs to be re-imagined with transformative technological solutions to reduce costs and improve the customer experience. States Title is leading the vanguard of this transformation."
States Title's clients are some of the largest mortgage lenders in the U.S., including one of the top two largest bank lenders and two of the top ten largest non-bank lenders. The company acquired North American Title Company and North American Title Insurance Company in early 2019 and has achieved exponential growth over the last year. States Title grew transaction volume by 100x from 2018 to 2019 and the combined business has closed or issued insurance policies for nearly half a million real estate transactions in the past year. States Title's patented technologies enable the use of data science to create predictive title insurance based on an assigned risk score to indicate how safe a property is from liens or liabilities, helping to achieve faster title processing and more efficient underwriting. The company has a talented team of nearly 1000 data scientists, engineers, product managers, and operations associates throughout the U.S.
About States Title
States Title enables an instant real estate closing experience. The company uses machine intelligence and its patented technology solution to transform residential real estate, making closings instant and affordable. States Title and its family of brands - North American Title Company (NATC) and North American Title Insurance Company (NATIC) - offers solutions for lenders, real estate agents, title agents, and homeowners that make closings vastly more simple and efficient, reducing cost and increasing customer satisfaction. States Title's clients include some of the largest bank and non-bank lenders in the U.S., and the company, which closed or issued insurance policies for nearly half a million transactions in 2019, is rapidly growing. To learn more visit statestitle.com.
About Greenspring Associates
Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the Firm serves as a lifecycle partner for fund managers and entrepreneurs, investing across multiple stages, sectors and geographies. Greenspring Associates currently manages over $10 billion in committed capital across a variety of specialized venture strategies on behalf of a diverse group of global investors. For more information on Greenspring Associates, please visit its website at www.greenspringassociates.com.
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