Insurtech firm Blueprint Title not too long ago raised $16 million, bringing its complete funding to $24.5 million. Forte Ventures led the Collection B spherical.
Blueprint Title launched in 2017 to sort out title insurance coverage, a kind of insurance coverage that protects potential householders from being sued for a declare towards the house from earlier than the acquisition was finalized. These “clouds” can come up from again taxes, liens, conflicting wills, and different unresolved points.
The title insurance coverage market within the U.S. is small, nonetheless. Blueprint Title CEO Steve Berneman estimates that the market is comprised of 4 firms with 90% of the market share.
Blueprint Title affords an API that permits clients to look new transaction submissions, pull details about in-process offers, and examine real-time updates when there’s a change in title standing. Constructed for safe collaboration, the corporate’s portal allows doc uploads and standing updates that maintain everybody up-to-date.
Blueprint Title is a part of a wave of neoinsurance firms, a time period coined by TechCrunch to explain digital-first insurtechs resembling Metromile, Roots, and Trov. Blueprint Title’s mannequin is barely totally different than these three firms, nonetheless, in that it operates on a B2B mannequin as an alternative of promoting on to customers. The corporate’s consumer base is comprised of actual property traders, lenders, proptech firms, and residential builders.
Blueprint Title is at present licensed in 26 states and working in 19 states.
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