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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. 

Funding

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. 

Competition

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 M&A Snapshot

Week of February 03 – February 09

Eric F. Risley
February 9, 2025
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February 3rd – February 9th

PERSPECTIVES by Eric F. Risley 

Let’s talk security.

Simple principles like protecting the sanctity of users privacy and ensuring that their crypto holdings are not stolen. Last year, according to Cyvers, over $6.3B was lost in Web3 hacks, fraud, and scams.

Security is table stakes and crypto has not delivered satisfactorily … yet.

A clear trend has emerged over the past six months that these first principle problems are being acknowledged and are starting to be addressed. This week another block in that trend was laid. Smart contract audit and blockchain vulnerability assessment specialist Cyberscope was acquired by TAC. This follows four other recent, significant Web3 security M&A transactions:

 

Target Acquirer Date Acquisition Price ($M) Target Description
Wallet Guard Consensys 07/03/2024 $40 Open-source browser extension tool featuring a multi-layered defense from phishing detection to transaction simulation
Blowfish Phantom 11/20/2024 55 Real-time fraud detection, transaction simulation, and user alerts
Hexagate Chainalysis 12/18/2024 60 Web3 browser security designed for analyzing transactions before users sign them, flagging cybersecurity and financial risks
Alterya Chainalysis 

(M&A Alert)

01/13/2025 150 AI-powered Web3 Fraud prevention

 

Smart contract audits are critical, but also according to Cyvers, 4x more assets were actually lost last year due to access control violations versus code vulnerabilities. Better real time threat detection and response solutions are needed to protect against this attack vector.