# Spruce Holdings

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/spruce-holdings

- Industry: Insurance
- Headquarters: New York, US
- Website: www.spruce.co
- Total disclosed funding: $110M
- Latest round: Series C (May 18, 2021)
- Investors on record: 9

## About

Based in New York, US, and founded in 2016 by Patrick Burns (CEO), and  Andrew Weisgal. Spruce Holdings Inc, operates as a property technology company that helps with the transactions between homeowners and lenders or real estate institutions. The company takes care of title search, policy, settlement, and escrow. They support all the parties involved in real estate across the United States. In May 2021, the firm’s venture capital was raised to USD 60 million in series C by Zigg capital, with involvement from alternative investors Bessemer Venture Partners and Scale Venture Partners. The company is in 48 US including Texas, Nevada, and California.

The company offers products like “Spruce title and closing” and “Spruce powered”. Spruce title and closing provide solutions for well-organized and scalable transactions to minimize underwriting speed, securitize the escrow workflow to lower costs and minimize fraud and handle the data with security and transparency. Spruce-powered benefits with high revenues, managed services, low barriers, predictable outcomes, and scalability. 

The company plans to use May 2021 funding to hire more staff, develop its contributions and provide more money for its research and development initiatives.

## Funding rounds

- Series C, May 18, 2021, $60M — Scale Venture Partners, Bessemer Venture Partners, Zigg
- Series B, May 21, 2020, $29M — Scale Venture Partners, Bessemer Venture Partners, Gramercy Private Equity, Zigg
- Seed, Oct 4, 2018 — MetaProp
- Series A, Jul 17, 2018, $16M — Bessemer Venture Partners, Collaborative Fund, Omidyar Network
- Series A, May 25, 2017, $4.5M — Bessemer Venture Partners, Collaborative Fund, Omidyar Network, Notation, Third Prime Capital
- Seed, Jul 1, 2016, $1M — Bessemer Venture Partners, Collaborative Fund, Notation, MetaProp

## Investors

- Bessemer Venture Partners (https://capitalatlas.ai/funds/bessemer-venture-partners) — Seed, Series A, Series B, Series C
- Collaborative Fund (https://capitalatlas.ai/funds/collaborative-fund) — Seed, Series A
- Notation (https://capitalatlas.ai/funds/notation) — Seed, Series A
- MetaProp (https://capitalatlas.ai/funds/metaprop) — Seed
- Omidyar Network (https://capitalatlas.ai/funds/omidyar-network) — Series A
- Third Prime Capital (https://capitalatlas.ai/funds/third-prime-capital) — Series A
- Scale Venture Partners (https://capitalatlas.ai/funds/scale-venture-partners) — Series B, Series C
- Gramercy Private Equity (https://capitalatlas.ai/funds/gramercy-private-equity) — Series B
- Zigg (https://capitalatlas.ai/funds/zigg) — Series B, Series C