Spruce Releases Annual Growth Metrics in 2021 Report

NEW YORK, Dec. 21, 2021 /PRNewswire/ -- Spruce, the proptech company powering online real estate transactions, today released its end of year recap, highlighting continuous growth across employee count, revenue, and integrations–resulting in a superior closing experience for its nationwide customers.

The company's 2021 metrics include notable milestones:

•        Closed transactions in 48 states and nearly 3,000 cities
•        Overall revenue growth 2x YoY
•        Integrated clients grew by 3x
•        Series C fundraise, $110M+ total funding

Spruce tripled employee count in 2021, with nearly 500 full time employees to date. In addition to talented new hires across the organization, the company invested deeply in its customer service roles, announcing the addition of Brian Kielien and Blair Drake, as well as the strategic hires of Brittany Murphy, Susan King, and Deb Hochman.

"In what was a record-breaking year for the real estate industry, Spruce has continued to make significant strides to enable our clients to scale and provide the best possible experience for the end customers," said Patrick Burns, CEO and co-founder of Spruce. "2021 was an incredible year of growth for both Spruce and our clients, and I'm more optimistic than ever as we bring this momentum into the New Year."

Doing business in 48 U.S. states, Spruce's industry advancements to date include up to 40% faster closing times, with Spruce's automated underwriting model further reducing title search and closing processes from the industry average of two weeks to as little as 48 hours or less. In addition, Spruce enables up to 20% savings on closing costs, and can fund transactions outside of restrictive Federal hours. Clients include five of the top six venture-backed mortgage lenders, two of the top three iBuyers, and several scale-focused SFR investors, accounting for billions of dollars in purchase and refinance transactions per month nationwide. Spruce is also the only title solution to offer its open API directly on its website, enabling a completely centralized end-to-end process.

Spruce's offerings include nationwide title insurance, closing, escrow, and recording services through proprietary technology and centralized teams, adding transparency and speed to an otherwise opaque and time-consuming process. Combining machine learning technology with a team of experts, Spruce's scalable model serves forward-thinking lenders, real estate investors, and proptech companies.

ABOUT SPRUCE
Spruce is digitizing real estate transactions for forward-thinking real estate companies and mortgage lenders. By leveraging proprietary technology and best-in-class operations, Spruce provides a seamless, affordable solution. Spruce was founded by Andrew Weisgall and Patrick Burns in 2016, and is headquartered in New York with hubs across the U.S. Learn more about how Spruce can bring your business digital: www.spruce.co.

CONTACT
Hadley Stecker
Director of Communications
[email protected]
978.473.1754

SOURCE Spruce

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