PropTech platform States Title has scored $123m in its Series C equity round, which was led by Greenspring Associates.
Additional contributions came from Horizons Ventures, Eminence Capital, Assurant, FifthWall Ventures, Lennar Ventures, SCOR Global P&C Ventures and HSCM Bermuda, as well as previous States Title backer Foundation Capital.
Capital from the round will be used to offer enhanced support to lenders, real estate agents and homeowners. It will also look to deepen its technology development.
States Title utilises machine intelligence to simplify residential real estate easier so banks and lenders can issue more loans.
Greenspring Associates managing general partner Jim Lim 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.”
The funding comes after the real estate company saw a 100x growth in transaction volume over the past year, it claims.
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