DLA Piper advised Bessemer Venture Partners in the Series B financing of New York-based real estate technology company Spruce.
Spruce’s platform helps mortgage lenders, real estate investors and proptech companies manage the title and closing process online, while providing a digital-first closing experience to homeowners. The funding will support Spruce’s expansion, accelerate the development of its proprietary technology and deepen integrations with client partners.
“Spruce’s cutting-edge platform is fundamentally changing the real estate industry by digitizing formerly paper-based transactions and simplifying the title and escrow process. We were pleased to have brought together our broad venture capital capabilities and experience in the rapidly evolving proptech sector to assist Bessemer with its investment in Spruce’s growth,” said Eric Grossman, the DLA Piper partner who led the firm’s deal team.
In addition to Grossman, the DLA Piper team representing Spruce included associate Matthew VanderGoot (both of Northern Virginia).
DLA Piper’s Emerging Growth and Venture Capital practice includes more than 200 lawyers in the US who provide strategic counsel to emerging companies in high-growth industries, including biotech, manufacturing, communications, software and semiconductors. In 2019, the firm handled nearly 700 venture capital financings totaling over US$10.3 billion. Over the last three years, DLA Piper has completed more than 2,100 financings totaling over US$31 billion.