Skip to main content

Spruce Raises $60M In Series C Funding

Navi Persaud
Jun 02, 2021

Spruce's latest round of funding was led by Zigg Capital.

Spruce, a prop-tech company powering online real estate transactions, announced a $60 million Series C funding round led by Zigg Capital. Existing investors, including Bessemer Venture Partners and Scale Venture Partners, also participated. This latest investment, which will be used to build upon Spruce's leading title and residential closing technology offerings to help its clients grow, brings Spruce's total funding to $110 million, according to a press release.

Spruce has grown more than 450% annually, powering tens of thousands of transactions for leading digital mortgage lenders, SFR investment platforms, iBuyers, and each of the top five equity co-investment companies, since its inception in 2016.

The company does business in 48 U.S. states. It has contributed industry advancements including reducing transaction times by up to 25%, saving homeowners up to 20% on closing costs, and enabling transactions outside of restrictive Federal hours, according to Spruce. It is also the only title solution to offer its open API directly on its website.

“Spruce has the key qualities of a world-class technology company; exceptional product and operations teams delivering quantifiable value for its customers. Spruce's platform is central in enabling better, faster, and more affordable real estate transactions,” said Dave Eisenberg, a managing partner at Zigg Capital. “Zigg's significant investment in Spruce shows not only our confidence in the Spruce team but also in the real estate technology sector at large.”

A national survey by the company showed that current and prospective homeowners prioritize affordability, transparency, and speed when closing on a home.

“Our work with our clients fundamentally changes the way partners and consumers experience real estate transactions,” said Patrick Burns, CEO and co-founder of Spruce.

Burns added that the company plans on developing more innovations with the goal of reaching a one-click check out for real estate. 

Spruce provides nationwide title insurance, closing, escrow, and recording services through proprietary technology and centralized teams. The company combines machine learning technology with a team of experts. 

Jun 02, 2021
More from
Candor Technology Confirms Workforce Reduction

Provider of AI underwiting platform for mortgages did not say how may jobs were affected.

Mar 20, 2023
Silvergate Capital Shutting Down

Cryptocurrency lender halted its warehouse mortgage operation 2 months ago.

Mar 08, 2023
Marketers: Bot In To AI

Embrace the opportunities that artificial intelligence creates for content creation

Mar 06, 2023
Q&A: Why Now Is The Best Time To Invest In Tech

The winning strategy for originators is going to be one that fully embraces digital

Mar 06, 2023
House Approves Remote Online Notarization Bill

Bipartisan voice vote brings federal legislation of RON closer to reality.

Five Predictions Home Equity Lenders Should Be Tracking

Despite interest rate instability, homeowners with cash on hand still like borrowing

Feb 27, 2023