Champ Titles, which provides title and registration software to insurance carriers, has raises $12.9m in Series B funding.
The over-subscribed round, with continued support from four public companies, brings Champ Titles’ total funding to over $30m.
Founded in 2018, Champ Titles replaces state DMV title and registration systems with its software while providing technology that enables automotive retailers and insurance carriers to reduce the amount of time it takes to create, manage and transfer a vehicle title to just one day.
Champ Title’s offering allows insurance carriers to quickly and easily acquire and dispose of a policyholder’s vehicle title in instances of total loss, by digitising the process end-to-end.
Shane Bigelow, Champ Titles chief executive officer, said, “We are thrilled that the industry has spoken: our recent large contracts and funding round are proof that the days of old, big, on prem deployments are over for title and registration solutions.
“There is a real call for low-cost, high efficiency, quickly enabled solutions to speed title and registration transactions anywhere in the world.”
Jonathan Kalman, founding partner of EOS Ventures said, “We are delighted to invest in Champ once again. Their leadership in digitizing the title and registration space is clear, and their momentum is strong. We look forward to seeing how they change the insurance industry and many other verticals in the years to come.”
Michael Chen, vice president, head of corporate development and ventures at Guidewire Software, added, “As the leading platform P&C insurers trust to innovate, engage, and grow efficiently, we love to see more digital innovation in this area of claims within which we can assist Champ Titles.”
Liberty Mutual Insurance has acquired certain technology assets of Insurance Portal Services (Fetch), which allows auto manufacturers and dealers integrate auto insurance.
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