Point72 Ventures led the round, which included existing investors W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software and Rev1 Ventures.
Since its 2018 founding, Champ Titles has raised more than $49 million, according to Crunchbase. That includes a nearly $13 million Series B funding round in 2022.
The idea animating Champ Titles is to make state DMV offices more digital by replacing what the company, in its recent funding announcement, calls “aging title and registration systems.”
The company also wants to help make West Virginia the leader of the U.S. digital title industry, an effort that also includes Tyler Technologies.
“Governments today no longer want to pay up front for massive contracts or hire consultants to sit beside them for years as they attempt to build their own technology in-house,” Thomas “L.T.” Slater, the company’s executive vice president and head of strategic partnerships, told Government Technology via email. “Instead, DMVs nationwide have realized that software as a service works in our daily lives and can work for government, too.”
It’s not just state workers at the DMV who can benefit from better technology, he said. Dealers, lenders, fleet managers, insurance carriers and service providers all have an interest in more efficient title, registration and lien transactions.
Champ works with four states, including the addition of New Jersey in January. Kentucky will go live with Champ technology this quarter, followed by Illinois, Slater said.
The National Digital Titling Clearinghouse — the operation that involves West Virginia — launched in August.
Champ revenue increased by more than 300 percent year over year in 2023, according to the statement.
