Cleveland’s CHAMP Titles raises $55 million in its largest funding round to date

CHAMP Titles, a provider of digital systems for state motor vehicle agencies, last week announced it has raised $55 million in new financing, the largest funding round in the company’s history, bringing its total capital raised to more than $100 million, according to an announcement from the company.

The round was led by ORIX Corporation USA, with participation from Point72 Ventures, W. R. Berkley Corporation, and existing investors. 

“This round in addition to our recent wins with DTRS and NDTC, which allows automotive retailers, fleets, and insurance carriers to transfer titles from any vehicle in any state, are further proof points that our innovative approach to technology and to government partnerships are resonating,” said Shane Bigelow, Chief Executive Officer of CHAMP Titles. 

CHAMP Titles was founded in 2018 and provides SAAS platforms that replace legacy paper-based, siloed systems used by state motor vehicle agencies (MVAs). To date, this technology is now available to more than 35 million Americans under state contracts and has processed tens of millions of transactions.

Executives and investor representatives framed the funding as a bet on accelerating the digitization of public-sector vehicle services. One investor, Mike Nannizzi, Head of Venture Investments at W. R. Berkley Corporation, said, “Their technology, operational excellence, and deep collaboration with state partners make CHAMP the clear national leader in digitizing motor vehicle services.”

While Blake Zhang, Managing Director of OCU’s Growth Capital business, said, “CHAMP has developed a category-defining platform that is addressing fundamental pain points in one of the largest and most underserved areas of public infrastructure.”