States Title secures $123m Series C funding to transform real estate closings
San Francisco-based States Title, a digital title startup, has secured $123 million in its Series C financing round led by venture capital investment firm Greenspring Associates, alongside Horizons Ventures, Eminence Capital and HSCM Bermuda.
The company'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'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 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.
He added: "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."
Jim Lim, managing general partner of Greenspring Associates, said: "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."
"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," he added.
