Proptech Startup Spruce Raises Capital

In the wake of the pandemic’s first wave, innovation has sprung up to answer the call. Many real estate companies have been turning to proptech to continue offering their services while also obeying stay-at-home measures. With this comes the need for more tech firms to offer these services. 

This is where Spruce comes in. The NYC-based startup offers digitization of real estate transaction paperwork, like title handling, closing documents completion, and monitoring compliance in every other part of the real estate transaction lifecycle. 

Recently, the company has raised $29 million in growth capital led by Alex Niehenke at Scale Venture Partners. Zigg Capital and Bessemer participated in the round.

Patrick Burns, Spruce Co-Founder and CEO, said:

“Instead of using local offices with manual communication and manual processes, we provide [our clients] with API’s that allow them to scale effectively and to provide great digital experiences to their customers.”

The capital will go towards cinching client partnerships and expanding Spruce’s product offerings. 

Proptech has seen a jump in prosperity in recent years, and even more so in recent months, and Spruce is the perfect example.