AUSTIN, TX--(Marketwired - Sep 5, 2013) - RunTitle, the first online marketplace for mineral acreage title information, today announced it has received $4 million in Series A funding led by Austin Ventures. The Company plans to use proceeds from the round to expand upon their already sizeable title inventory, further invest in product and distribution, and increase brand awareness in the oil and gas land industry. By moving title ownership data to the cloud, RunTitle aims to capitalize on an estimated $3B annual market opportunity.
"Austin Ventures expects RunTitle to have a big impact on the current title market, which has remained largely the same for the last century. The Company has a timely opportunity to build an extraordinary information services business," said Mike Dodd, Partner, Austin Ventures. "The founding team brings a wealth of knowledge to an industry whose inefficiencies have yet to be disrupted by the Internet." Dodd will also be joining the RunTitle board of directors.
Through the marketplace that RunTitle has created, oil and gas companies and mineral owners alike can access highly valuable mineral title research that was previously held on hard drives and in filing cabinets across the country. With all of this research in one place, oil and gas companies can now make acquisition decisions in a fraction of the time for a fraction of the cost.
"Resource companies spend billions of dollars a year just to find out who owns mineral rights. This information -- held in regional county courthouses and in private record databases across the country -- has been very difficult to access. RunTitle will offer the industry an unprecedented database of information that will save customers substantial amounts of time and money. We will radically improve a labor-intensive process that hasn't evolved with technology," said Reid Calhoon, RunTitle's CEO. "We're very excited to have the chance to work with Austin Ventures, the firm has shown great success with marketplace platforms, and we believe AV's experience will help take our product to the next level."
Since its public launch in August of last year, RunTitle has expanded into 13 states with a presence in almost every major shale resource play. Formerly a member of the Houston energy start-up program, the SURGE Accelerator (SurgeAccelerator.com), RunTitle has relocated its headquarters to Austin as part of the financing.
About RunTitle
Based in Austin, Texas, RunTitle is an online marketplace for mineral title information. Through the marketplace, RunTitle provides previously inaccessible mineral title research to oil and gas professionals and mineral owners nationwide. This research allows oil and gas companies to make smarter acquisition decisions in a more timely manner. RunTitle's customers range from small independents to multiple publicly traded natural resource exploration and production companies.
For more information, visit RunTitle.com.
About Austin Ventures
Austin Ventures ("AV") has worked with talented entrepreneurs to build valuable companies for over 30 years. With $3.9 billion of capital raised, AV is the most active venture capital firm in Texas and one of the most established in the nation. AV invests in early stage and middle market companies, and its strategy is to partner with talented executives and entrepreneurs to build industry-leading companies predominantly in Texas. Visit AustinVentures.com for more information.
Contact Information:
PRESS CONTACT:
Charlie Wohleber
504-289-9006