Champ Titles Raises $8.5 Million to Make Vehicle Title Creation, Management, and Transfer Easier

By Adriaan Brits | Wednesday, 11 August 2021 | Startup, Tech

Champ Titles, a Cleveland-based tech startup company, has secured $8.5 million in the Series A funding round to fuel overseas expansion and business growth.

Expediting the Vehicle Title Change Process

EOS Venture Partners and W.R. Berkley Corporation led the funding process for Champ Titles to push the total funding raised to $17.5 million. Furthermore, Ally Ventures, Guidewire Software, State Auto Insurance, Westerly Ventures, Sadie Ventures, A100x Ventures, and XBTO Humla Ventures also took part in the latest business funding round.

The startup company, which launched three years ago, is developing tech tools to expedite the process of creating, managing, and transferring a vehicle title to a single day. Champ Titles intends to use raised business funding to ramp up the distribution of its “breakthrough” technology across numerous vehicle title ecosystems, as well as expand geographically.

“What we are doing here saves not only weeks in processing time but money for everyone. 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,” said Champ Titles Chief Executive Officer Shane Bigelow. 

The Series A business funding round comes after the startup company announced in April a strategic business partnership with Copart. 

“We aligned with CHAMPtitles to offer a platform that delivers accelerated title turnaround times and reduced claims management costs,” commented Copart President Jeff Liaw.

Two companies are working together to implement a new automated digital platform for car sellers. The partnership hopes to reduce the need for manual, paper-based, and mail-oriented vehicle title processing. Ultimately, the company’s goal is to help all parties involved in selling a car.

The process of creating, managing, and transferring vehicle titles is complex and changes from state to state. Hence, the tech startup company is working to develop solutions that will cut costs, inefficiencies, and waste across the entire process.

These solutions are designed for insurance carriers, car retailers, respective government agencies, lenders, etc., to help them streamline the entire process. The startup company has so far developed two different products — Digital Total Loss and DMV SaaS.

The former enables insurance carriers to quickly acquire and dispose of vehicles in situations of total loss by digitizing the process from owner engagement to title application submission. The latter is designed for government agencies to modernize their title and registration systems.

“Transferring title after a total loss is a slow process that involves many parties. Digitization allows the whole chain of participants in a title transfer to cooperate in a secure and efficient manner, and drive better outcomes for everyone involved,” added Mike Nannizzi, a director at W. R. Berkley Corporation responsible for fintech business investments.

Summary

Cleveland-based startup company Champ Titles raised $8.5 million in the Series A business funding round to streamline the complex, paper-based process of transferring vehicle titles. Fresh business funding comes a few months after the company partnered with Copart to implement a new automated digital platform for car sellers.

About the Author

Adriaan Brits

An analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in advanced analytics and media.