PropTech Spruce closes $29m Series B round to boost development efforts

Online real estate transaction startup Spruce has raised $29m in an investment round led by Scale Venture Partners and with participation from Zigg Capital and Bessemer Venture Partners.

It will use the Series B money to expand its team, create a better solution for its clients and to create better integrations with clients.

“In these uncertain times, innovative mortgage lenders and real estate companies that support digital transactions are providing essential services to consumers, ensuring that critical moves are still possible and refinancing loans to help cover necessary expenses,” said Patrick Burns, Spruce co-founder and CEO.

“Spruce is proud to be supporting our clients on the forefront of this paradigm shift, and excited to provide the best tools to compete in an ever-changing environment.”

Founded in 2016, Spruce has since enabled over $1.25bn dollars of transaction volume and are growing revenue at more than 400% annually.

“We believe that Spruce is playing a critical role in enabling innovation in real estate transactions,” said Alex Niehenke, partner at Scale Venture Partners. “While we’re still in the early innings, change is happening fast. It’s only a matter of time before the manual processes in real estate transactions are transformed by digitisation, connectivity, automation, and streamlined customer experiences.”

The last time Spruce raised money was in 2018 when it netted $15.6m in round that was backed by investors like Bessemer Venture Partners, Omidyar Network, and Collaborative Fund.

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