Proptech Firms Including Spruce Have Raised $1B This Year

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Summary List PlacementSpruce, a company that creates the software infrastructure behind digital home transactions, announced on Tuesday that it raised a $60 million funding round. Spruce, which offers title insurance, escrow, and other closing services, is one of a cohort of property technology (or proptech) companies attempting to take residential real estate transactions online amid one of the hottest housing markets in US history. Insider calculated that these companies, which range from title- and escrow-focused companies like Spruce to online mortgage lenders, have raised more than $1 billion in funding in the first five months of 2021.

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