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.