Spruce raises $29 million in Series B funding

Mortgage & Real Estate

Real estate tech company Spruce has raised $29 million in Series B funding led by Scale Venture Partners, with participation from Zigg Capital and Bessemer Venture Partners.

The Series B funding will support the team’s expansion, accelerate the development of its proprietary technology and deepen integrations with client partners, Spruce said.

The Spruce platform helps mortgage lenders, real estate investors and PropTech companies manage the title and closing process online while providing a digital-first closing experience to homeowners.

“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,” Spruce Co-Founder and CEO Patrick Burns said in a statement.

“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.”

The company launched in 2016 and has operations hubs in New York, Texas and California. Spruce has enabled more than $1.25 billion worth of transaction volume while growing revenue by more than 400% annually, the company said.

“We believe that Spruce is playing a critical role in enabling innovation in real estate transactions,” said Alex Niehenke, a 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 digitization, connectivity, automation, and streamlined customer experiences.”

This funding round follows a near $16 million raise in 2018 to expand its national footprint and platform, which included Bessemer Venture Partners, Omidyar Network, and Collaborative Fund.
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