CLEVELAND, Ohio--(BUSINESS WIRE)--Champ Titles, a technology company that is changing the way that vehicle titles are created, managed, and transferred in the United States, has closed an $8.5 million Series A investment. The round was led by EOS Venture Partners and W. R. Berkley Corporation, and it brings the company's combined funding to over $17.5 million.
Champ Titles was launched in 2018 and can reduce the amount of time it takes to create, manage, or transfer a vehicle title to just one day. The money raised will be used to accelerate the distribution of its breakthrough technology across multiple vehicle title ecosystem verticals and a broader geographic footprint.
“What we are doing here saves not only weeks in processing time but money for everyone,” said Champ Titles Chief Executive Officer, Shane Bigelow. “The world is rapidly digitizing, and Champ’s end-to-end vehicle titling solutions are being adopted at a high rate because we significantly reduce the time and effort required to create, manage or transfer the vehicle title. This funding will allow us to roll out Champ Titles faster to more users across the entire U.S.”
Further, Bigelow stated, “Coming on the heels of the recent announcement of our strategic partnership with Copart, Inc., we are honored to receive investments from such accomplished institutional and strategic investors – W. R. Berkley Corporation, Ally Ventures, Guidewire Software, Inc., and State Auto Insurance as well as great venture firms in EOS Venture Partners, Westerly Ventures, Sadie Ventures, A100x Ventures, and XBTO Humla Ventures. Their support of our efforts means a great deal to our team, our customers, and to our future.”
Currently, vehicle title creation, management and transfer - when a car is acquired or changes hands - is a cumbersome, paper-based process with different laws and practices in each U.S. state, creating significant complexity. The difficult process impacts everyone who comes in contact with the vehicle title, from citizens, to retailers, lenders, insurance companies, and state governments, leading to unnecessary costs, inefficiency and waste in the marketplace for all ecosystem participants.
Champ Titles solutions are designed for insurance carriers, automotive retailers, lenders, state governments, and others. Products currently in production include Digital Total Loss, which allows insurance carriers to more quickly acquire and dispose of vehicles in instances of total loss by digitizing the process from owner engagement to title application submission, reducing cycle times significantly, and DMV SaaS, which gives state agencies the ability to modernize their title and registration systems, providing significant benefits to all users of these upgraded systems.
Mike Nannizzi, a Director at W. R. Berkley Corporation with responsibility for fintech investments, stated: “Transferring title after a total loss is a slow process that involves many parties. Digitization allows the whole chain of participants in a title transfer to cooperate in a secure and efficient manner, and drive better outcomes for everyone involved. Having earned the support of such a strong group of strategic partners - many of which participate in that same chain - we believe Champ’s team and technology are best positioned to execute on this very significant opportunity.”
Jonathan Kalman, Founding Partner of EOS Venture Partners, and another of the lead investors in the latest round of funding, said: “We are delighted to support Champ Titles. Champ securely digitizes what is currently a complex paper-based process and in doing so they help everyone who is involved in the selling of a vehicle. They are in the right place, at the right time, fulfilling a country-wide need to digitize the transfer of auto titles.”
Through the application of its secure, patent-pending technology, Champ Titles (www.champtitles.com) digitizes the process of vehicle titling between state government, insurance carriers, financial institutions, vehicle sellers, consumers, and others.