Champ Titles Raised $18M from Point72 Ventures
Champ Titles Raised $18M from Point72 Ventures

Architect Partners was the exclusive Financial Advisor to Champ Titles.

Transaction Overview

On March 27, 2024, Cleveland-based digital title and registration platform Champ Titles announced an $18 million Series C equity round led by Point72 Ventures with participation by existing investors.

Company Description

Champ Titles provides a digital title and registration suite to streamline the vehicle titling process. Their platform enables the creation of legal, digital titles for easy transfer and verification, serving insurance carriers, lenders, state governments, auto dealers, and owners. Stakeholders, including state motor vehicle departments, lenders, and vehicle owners, benefit from a unified and transparent system, where all information is readily accessible and transaction times are markedly reduced. The governance of the digital platform is established through clear guidelines, ensuring all parties adhere to the updated processes and regulations.

Champ Titles’ success is measured by the elimination of more than 5 million pieces of paper annually on average per state; a reduction in processing time from 40-60 days to a matter of hours; increased productivity of DMV title clerks processing more than five times as many titles per day; and the improved experience for consumers in each state that has adopted Champ Titles’ solutions. Over the last twelve months, the company has successfully onboarded new states including New Jersey, Kentucky, and Illinois, and expanded its relationship with West Virginia by creating the first National Digital Titling Clearinghouse (NDTC). Through these efforts, the company has grown rapidly with revenue increasing by more than 300% year over year. 

Founded in 2018 by CEO, Shane Bigelow, the company now has 63 employees and is headquartered in Cleveland, Ohio. 


In this Series C funding round, Champ Titles raised $18M from Point72 Ventures and existing investors including W.R. Berkley Corporation, Eos Venture Partners, Guidewire Software, and Rev1 Ventures, bringing the total amount raised since inception to $45M. 

In the prior Series B round, Champ Titles raised $13M from Guidewire Software, Eos Venture Partners, and Ally Ventures.

Before that, Champ Titles raised $13.5M in 2021 in a Series A. Emergents, now Architect Partners, served as the exclusive Financial Advisor for that financing. 


Champ Titles’ biggest competitors are existing state DMVs deciding to be a software company and developing solutions on their own or via large systems developers.  However, they also compete with other digital title networks such as Cario and Oxhead Alpha/Tezos. In addition, technology-enabled DMV solutions such as Fast Enterprises are seen as competitive but don’t offer the same efficacy.


Architect Partners’ Perspective

Champ Titles’ SaaS-based solutions present a compelling example of blockchain-enabled infrastructure solving real-world problems.  By focusing on the needs and pain points of legacy auto title, registration, and lien processing, Champ has leveraged the power of blockchain to transform critical government services.  The result is exponentially accelerated processing time for DMV constituents, with improved accuracy and reduced cost.  Yet Champ’s solutions capture many key benefits of on-chain data processing – which include trust, transparency, data integrity, security, and efficiency – without users even being aware of their blockchain foundations.  

While much attention is focused on recent resilience in crypto asset prices, we believe 2024 will see significant growth in non-speculative enterprise applications for distributed ledger technology.  Champ’s successful raise demonstrates investor interest in practical and scalable solutions to real-world problems.

Crypto Public Companies Snapshot

Crypto Public Companies Snapshot

Glenn Gottlieb
November 10, 2023

News on Macro Economic Data

Fed Chairman Jay Powell asked Fed governors to think outside the box in thinking about the economy and their continued analysis and approach.   To that end, perhaps the Fed chairman would take the same bold approach former Fed Chairman Alan Greenspan did and speak up loudly about the threat posed by the US government’s excessive spending and the nation’s unsustainable and growing debt. 


The upcoming CPI number is expected to show a decrease in inflation mostly due to a decrease in energy costs of greater than 10%. 


Indicators continue to forecast an economic slowdown in 2024.   One indicator that the Fed is watching is unemployment.  Unemployment is up 15% over the last six months, and the majority of new jobs in the last few jobs reports are government jobs (which add nothing to GDP and only add to the tax burden) and lower paying part-time jobs.  The reports also point to multiple job holders being at an all-time high.   Additionally, Warren notices were very high in August and were recently raised for September suggesting further rises in unemployment.


Crypto Public Company Activity


Stablecoins promise many benefits, including yield, easy movement of funds from crypto to an underlying currency, inexpensive peer-to-peer transfer of funds, and payment for goods.   However, as many investors learned recently, “stable” only refers to their price and not its value.  Value is ensured by the issuer’s reserves as well as the value of the underlying asset to which it’s pegged.  The issue of value based on reserves affected Circle in March of this year, when they revealed that $3.3B of its $40B in reserves was with failed Silicon Valley Bank, and the value of USDC immediately fell 12%.  There have been other well-publicised issues with stablecoins, such as Tether’s past unreported shortfall in reserves (since rectified). 


However, properly capitalized and regulated stablecoins represent an opportunity to utilize all the benefits of digital currency without the volatility of cryptocurrencies.  To this end, as the regulatory environment is solidified, many large and trusted financial institutions are planning stablecoin-based offerings.  


Against this backdrop, the news this week is that Circle is considering an IPO in 2024.   Circle had a much publicized $9B SPAC deal fail in 2022.   Circle is backed by Goldman Sachs, Blackrock, and Fidelity, and is the second-largest stablecoin issuer with USDC having a $24B market cap.   Circle is a key component of what will be a growing and important market.  Thus, going public makes sense to fund the company’s growth as well as provide liquidity to early investors.