US-based real estate technology developer States Title completed a $123m series C round yesterday that included property developer Lennar, risk management technology producer Assurant and reinsurance providers Scor and HSCM Bermuda.
Venture capital firm Greenspring Associates led the round, which was also backed by Horizons Ventures, Eminence Capital, Foundation Capital and Fifth Wall Ventures. Lennar and Scor invested through Lennar Ventures and Scor Global P&C Ventures respectively.
States Title has created a software platform that uses machine intelligence to automate the title and escrow process of real estate transactions in order to make it easier to close deals. Title and escrow refers to the transfer of money and ownership which generally requires insurance.
Max Simkoff, States Title’s founder and chief executive, said: “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.”
The company secured $25m in series B funding from undisclosed investors in June 2019 and a further $45.9m in December according to securities filings.
Unnamed investors provided $240m in equity and warrant financing for States Title in January 2019, following $10.2m in funding in 2016, according to separate filings. It named Assurant, Scor Global P&C Ventures, Lennar Ventures, Fifth Wall and Foundation Capital as existing backers yesterday.
