CLEVELAND, Sept. 22, 2022 /PRNewswire/ -- Champ Titles, the leader in bringing advanced title and registration capabilities to DMVs, automotive retailers, and insurance carriers across the U.S., announced the closure of a $12.9 million Series B investment. The over-subscribed round, with continued support from four public companies, brings Champ Titles' total funding to over $30 million.
Founded in 2018, Champ Titles replaces state DMV title and registration systems with its intuitive software while also providing technology that enables automotive retailers and insurance carriers to reduce the amount of time it takes to create, manage, and transfer a vehicle title to just one day. The money raised bolsters the Company's position as a leader in the title and registration business.
"We are thrilled that the industry has spoken: our recent large contracts and funding round are proof that the days of old, big, on prem deployments are over for title and registration solutions," said Champ Titles Chief Executive Officer, Shane Bigelow. "There is a real call for low-cost, high efficiency, quickly enabled solutions to speed title and registration transactions anywhere in the world."
Jonathan Kalman, Founding Partner of EOS Ventures said, "We are delighted to invest in Champ once again. Their leadership in digitizing the title and registration space is clear, and their momentum is strong. We look forward to seeing how they change the insurance industry and many other verticals in the years to come."
"As the leading platform P&C insurers trust to innovate, engage, and grow efficiently, we love to see more digital innovation in this area of claims within which we can assist Champ Titles," said Michael Chen, Vice President, Head of Corporate Development and Ventures at Guidewire Software.
Champ Titles' SaaS solutions are laser focused on solving the notoriously frustrating vehicle titling space. The Company's secure, patented, digital titling platform includes three solutions built for state government agencies, insurance carriers, financial institutions, and automotive retailers of all types:
With recent success regarding the Company's efforts to digitize title and registration capabilities for DMVs, Bigelow stated, "slow and outdated solutions with large upfront fees and many failed deployments across the country are costly to state governments and taxpayers. We are replacing each of those systems, one-by-one, with Champ's DTRS technology, providing a solution to states who want to modernize and to taxpayers and residents who desire a better experience at the DMV. Further, our growth on the commercial side of our business and the closing of this oversubscribed round reveals to the market that our customers are truly succeeding with the use of our software."
About Champ Titles
Through the application of its secure, patented SaaS technology, Champ Titles (www.champtitles.com) digitizes the process of vehicle titling between state government, insurance carriers, financial institutions, vehicle sellers, consumers, and others. Champ Titles, founded in 2018, is focused on creating efficiencies and benefits for all vehicle title ecosystem members. Champ Titles has developed several solutions, all of which are built on a shared platform that serves different industry verticals. This common chassis has allowed the company to adapt its technology for insurance carriers, automotive retailers, and state governments, resulting in lower costs, increased security, and the easy transfer of ownership, benefiting all members of the vehicle title ecosystem.