CLEVELAND, March 27, 2024 (GLOBE NEWSWIRE) -- Champ Titles, Inc., the leading provider of digital vehicle title, registration, and lien systems of record in the United States, announced today it has raised $18 million in Series C financing. Point72 Ventures led the round and was joined by existing investors W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, and Rev1 Ventures, among others. To date, Champ Titles has raised more than $45 million.
Champ Titles will use the funds to fuel its ongoing growth. Through its Digital Title and Registration Suite (DTRS), Champ partners with state governments to improve motor vehicle departments by replacing aging title and registration systems. This capital will allow the company to take on as many new clients as the market will bear.
“We made tremendous progress over this past year—we onboarded new states, including New Jersey, Kentucky and Illinois, expanded our relationship with West Virginia by creating the first National Digital Titling Clearinghouse (NDTC), and grew revenue by more than 300%. We could have continued growing at a measured pace, but we are incredibly excited and grateful to have this round of financing to accelerate our business as we enter our next phase of growth with our great state DMV partners,” said Shane Bigelow, Chief Executive Officer.
“The current title management process is largely paper-based, error-prone and requires significant time and effort from all parties involved,” said Adam Carson, Partner at Point72 Ventures. “We believe Champ Titles’ platform offers a comprehensive and simplified solution for state DMVs and addresses a longstanding pain point. We are excited to be part of their journey.”
Since its founding in 2018, Champ Titles has distinguished itself as a true partner to state government. Its SaaS-based solutions require no upfront cost, utilize a pay-as-you-transact model, can be launched quickly, and are continuously improved. The success of which can be measured by the elimination of more than 5 million pieces of paper annually on average per state; the reduction of processing time from 40-60 days to a matter of hours for industry participants such as car dealers, lenders, insurance carriers, as well as fleets; the increased productivity of DMV title clerks processing more than five times as many titles per day; and, of course, the improved experience for consumers in each state that has adopted Champ’s solutions.
“This round in addition to our recent wins with DTRS and NDTC, which allows automotive retailers, fleets, and insurance carriers to transfer titles from any vehicle in any state, are further proof points that our innovative approach to technology and to government partnerships are resonating,” said Bigelow. “We are proud of these pioneering characteristics and are confident they will ensure our continued success.”
About Champ Titles, Inc.
Founded in 2018, Champ Titles is a leading provider of digital vehicle title and registration services. The company’s patented SaaS (Software as a Service) technology is built for government to solve the problems faced by its constituents, which include vehicle retailers, vehicle wholesalers, insurance carriers, fleet operators, lenders, all the service providers that serve each of these industry verticals, and, of course, consumers. Champ’s solutions, including the Digital Title and Registration Suite and the National Digital Titling Clearinghouse, are big steps forward toward a paperless, environmentally friendly, digital, secure, frictionless future in titling. To learn more about Champ Titles and its digitization technologies, please visit www.champtitles.com
Contact: Joanna Allegretti
Champ Titles
301.922.2522
Joanna.Allegretti@champtitles.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/49a1d14d-bce7-445e-836e-ce6e91d54d0d
