RunTitle, the first online marketplace for mineral acreage title information, has received $4 million in series A funding led by Austin Ventures (AV).
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 $3 billion 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," Mike Dodd, partner of Austin Ventures, said in the release. "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," Reid Calhoon, RunTitle's CEO, said in the release. "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, RunTitle has relocated its headquarters to Austin, Texas, as part of the financing.