WR Berkley and Eos Venture invest in US digital business

Property/casualty insurer  WR Berkley Corporation and specialist insurtech investor  Eos Venture Partners have together led an $8.5 million funding round of a US-based company that works with insurance carriers to digitize the transfer of auto titles.

Champ Titles is a technology company that aims to change the way vehicle titles are created, managed, and transferred in the US. Its solutions are designed for insurance carriers, automotive retailers, lenders, state governments, and others.

The company has closed an $8.5 million Series A investment, taking its total combined funding to over $17.5 million. Champ Titles was launched in 2018

The money raised in the funding will be used to accelerate the distribution of its patent-pending technology across multiple vehicle title ecosystem verticals and a broader geographic footprint.

“The world is rapidly digitizing, and Champ’s end-to-end vehicle titling solutions are being adopted at a high rate because we significantly reduce the time and effort required to create, manage or transfer the vehicle title. This funding will allow us to roll out Champ Titles faster to more users across the entire U.S,” said Shane Bigelow (pictured), Champ Titles' chief executive officer.

He added: “Coming on the heels of the recent announcement of our strategic partnership with Copart, Inc., we are honored to receive investments from such accomplished institutional and strategic investors – W. R. Berkley Corporation, Ally Ventures, Guidewire Software, Inc., and State Auto Insurance as well as great venture firms in EOS Venture Partners, Westerly Ventures, Sadie Ventures, A100x Ventures, and XBTO Humla Ventures. Their support of our efforts means a great deal to our team, our customers, and to our future.”

Mike Nannizzi, a director at WR Berkley Corporation, said: “Transferring title after a total loss is a slow process that involves many parties. Digitization allows the whole chain of participants in a title transfer to cooperate in a secure and efficient manner, and drive better outcomes for everyone involved. Having earned the support of such a strong group of strategic partners - many of which participate in that same chain - we believe Champ’s team and technology are best positioned to execute on this very significant opportunity.”

Jonathan Kalman, founding partner of EOS Venture Partners, added: “We are delighted to support Champ Titles. Champ securely digitizes what is currently a complex paper-based process and in doing so they help everyone who is involved in the selling of a vehicle. They are in the right place, at the right time, fulfilling a country-wide need to digitize the transfer of auto titles.”

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