Champ Titles Secures $18M Investment for Expansion Amid Digital Title Revolution
In a significant move towards revolutionizing the digital title industry, Champ Titles, an Ohio-based company specializing in digital title, registration, and lien technology for state governments, has announced an impressive $18 million Series C funding round. Led by Point72 Ventures and joined by existing investors such as W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, and Rev1 Ventures, this investment is set to propel Champ Titles into new U.S. markets and expand its reach nationwide.
Since its inception in 2018, Champ Titles has been on a trajectory of growth, raising over $49 million in funding, including a notable $13 million Series B round in 2022. The company’s mission is clear: to digitize state DMV offices by replacing outdated title and registration systems with modern, efficient technology.
At the heart of Champ Titles’ strategy is the ambition to position West Virginia as the leader in the U.S. digital title industry. Collaborating closely with Tyler Technologies, Champ Titles aims to spearhead the digital transformation of state DMVs, offering software-as-a-service solutions that streamline operations and enhance user experience.
Thomas “L.T.” Slater, Executive Vice President and Head of Strategic Partnerships at Champ Titles, emphasizes the shift towards software-as-a-service in government agencies, noting that this approach resonates with the evolving needs of DMVs nationwide. By embracing modern technology, Champ Titles empowers not only state workers but also dealers, lenders, fleet managers, insurance carriers, and service providers, facilitating more efficient title, registration, and lien transactions for all stakeholders.
With its footprint expanding rapidly, Champ Titles currently collaborates with four states, including recent additions like New Jersey and upcoming integrations with Kentucky and Illinois. The launch of the National Digital Titling Clearinghouse in West Virginia marks a significant milestone in the company’s journey towards digital innovation.
Driven by its commitment to excellence, Champ Titles witnessed a remarkable revenue increase of over 300 percent year over year in 2023, underscoring the growing demand for digital solutions in the title industry. As the company continues to pave the way for digital transformation in state DMVs, the $18 million investment sets the stage for accelerated growth and nationwide impact in the years to come.
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