States Title Raises $150 Million to Improve Home Closing Experience
February 23, 2021
States Title recently announced $150 million in debt financing from HSCM Bermuda, which previously invested in the company. The financing follows a $123 million Series C filed last May and will be used to accelerate market expansion to transform the home closing experience.
Founded in 2016, States Title uses machine intelligence and patented technology solutions to improve real estate transactions.
“Today’s consumers expect processes to be simple, efficient and digital—and homebuying, which is already stressful and overwhelming, should set the standard for easing customers’ journeys rather than lagging behind other digital solutions,” said Max Simkoff, CEO of States Title. “At States Title, we’re not just fixing that system, we’re wiping it clean and building a better one from scratch. HSCM Bermuda has been a great partner, having participated in our last equity round prior to this debt financing. They see immense value in how we are overhauling the system and, together, we now have greater capacity to tackle this enormous market, with significant tailwind behind what we’re doing.”
In January 2019, States Title acquired North American Title Group’s underwriting, and the majority of its local business (NATIC and NATC).
In a release, States Title said it has expanded its technology platform to several additional states. The company will use this new debt facility to optimize the cash available for accelerating momentum toward launching new technology solutions that align with consumers' expectations of a seamless closing experience and the future of real estate.
“We are thrilled to be growing our relationship with States Title as they become an increasingly integral part of the mortgage ecosystem.” said Vikas Singhal, a partner at HSCM Bermuda. “We first met them in 2016 when they were still a start-up in an old San Francisco warehouse. It is so exciting to see them grow into such a structurally important part of the real estate industry and we are excited to back them again on this next phase of growth.”
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