About Spruce
Spruce is a company based in New York (United States) founded in 2016 was acquired by Zillow Group in August 2023. It operates as a Professional Services. Spruce has raised $109.08 million across 4 funding rounds from investors including Zillow Group, Bessemer Venture Partners and Omidyar Network. The company has 169 employees as of December 31, 2022. Spruce offers products and services including Real Estate Closing Services. Spruce operates in a competitive market with competitors including Qualia, Snapdocs, Doma, JetClosing and Expetitle, among others.
- Headquarter New York, United States
- Employees 169 as on 31 Dec, 2022
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Sectors
Real Estate & ConstructionFinancial Services
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
- Legal Name Zillow Closing Services Holdco, Llc
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$109.08 M (USD)
in 4 rounds
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Latest Funding Round
$60 M (USD), Series C
Jun 02, 2021
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Investors
Zillow Group
& 7 more
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Employee Count
169
as on Dec 31, 2022
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Acquired by
Zillow Group
(Aug 10, 2023)
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Products & Services of Spruce
Spruce offers a comprehensive portfolio of products and services, including Real Estate Closing Services. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Services for closing real estate transactions are provided.
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Operations Team
3 people
Board Team
1 people
Funding Team
1 people
Software Development Team
1 people
Post Team
1 people
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Funding Insights of Spruce
Spruce has successfully raised a total of $109.08M across 4 strategic funding rounds. The most recent funding activity was a Series C round of $60 million completed in June 2021. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Series C — $60.0M
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First Round
First Round
(26 May 2017)
- Investors Count 7
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2021 | Amount | Series C - Spruce | Valuation | Zigg Capital | |
| May, 2020 | Amount | Series B - Spruce | Valuation | Scale Venture Partners | |
| Jul, 2018 | Amount | Series A - Spruce | Valuation | Bessemer Venture Partners , Omidyar Network |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Spruce
Spruce has secured backing from 8 investors, including venture fund investors. Prominent investors backing the company include Zillow Group, Bessemer Venture Partners and Omidyar Network. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Venture capital fund focused on multiple sectors
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Founded Year | Domain | Location | |
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Venture capital investments and support for entrepreneurs in technology and innovation sectors.
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Founded Year | Domain | Location | |
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Early-stage venture capital investments are focused on US companies.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Spruce
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Spruce
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Spruce Comparisons
Competitors of Spruce
Spruce operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Qualia, Snapdocs, Doma, JetClosing and Expetitle, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Qualia is recognized as a leading digital real estate closing platform.
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| domain | founded_year | HQ Location |
SaaS title settlement solutions are delivered to real estate professionals.
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| domain | founded_year | HQ Location |
Title settlement solutions are delivered to real estate professionals.
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| domain | founded_year | HQ Location |
Offers a cloud-based title management solution for real estate transactions.
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| domain | founded_year | HQ Location |
Title and closing services for real estate are provided.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Spruce
Frequently Asked Questions about Spruce
When was Spruce founded?
Spruce was founded in 2016 and raised its 1st funding round 1 year after it was founded.
Where is Spruce located?
Spruce is headquartered in New York, United States. It is registered at New York, New York, United States.
Is Spruce a funded company?
Spruce is a funded company, having raised a total of $109.08M across 4 funding rounds to date. The company's 1st funding round was a Series A of $15.58M, raised on May 26, 2017.
How many employees does Spruce have?
As of Dec 31, 2022, the latest employee count at Spruce is 169.
What does Spruce do?
Spruce, a Zillow Group company, is focused on delivering fast, frictionless, and secure real estate closing services across the United States. Transactions worth over 20 billion are represented by the company nationwide. Services are provided to real estate agents, buyers, sellers, lenders, attorneys, and other partners. Cutting-edge technology is utilized to ensure transparency and communication throughout the closing process. Support is extended to all parties involved to create a seamless and stress-free experience from contract to close.
What products or services does Spruce offer?
Spruce offers Real Estate Closing Services.
Who are Spruce's investors?
Spruce has 8 investors. Key investors include Zillow Group, Bessemer Venture Partners, Omidyar Network, Zigg Capital, and Scale Venture Partners.