Spruce, a NYC-based national title insurance and escrow company, raised $15.6m in Series A-1 venture capital funding.
Backers included Bessemer Venture Partners, Omidyar Network, and Collaborative Fund.
The company, which has raised $19.1m in total Series A financing, intends to use the capital to continue growing its team and building its proprietary technology.
Launched in 2016 by Patrick Burns, co-founder and CEO, Spruce works with mortgage lenders and real estate companies to provide title insurance, escrow, and closing services through a proprietary technology platform. The dynamic service – available nationwide – allows lenders and real estate companies to manage the title and closing process via intelligent APIs and by provides homeowners with a digital closing experience to manage their closing online.