Spruce’s platform replaces the largely manual, paper-based processes used by traditional title insurers with modern, software-driven workflows. By digitizing research, processing, escrow, and closing tasks, the company aims to cut the typical 4–5-day title-insurance timeline and reduce fees that can reach roughly $4,000 per transaction. Founders Patrick Burns (CEO) and Andrew Weisgall (COO), both former Betterment employees, believe title-insurance fees are the single largest closing cost in buying or refinancing a home. They estimate that about $15 billion in annual premiums—and another $5 billion in closing and escrow fees—flow through this market, much of it retained by agents. Spruce’s technology targets inefficiencies that make the process slower, more error-prone, and more susceptible to fraud. With fresh capital, the team intends to modernize the title-insurance workflow, offering borrowers a faster, more transparent, and lower-cost experience. The $4.5 million Series A round provides the company’s current financial footing to build out its product and scale operations.

Total raised

$109M

Funding rounds

4

Latest round

Series C

Latest activity

Jun 2021