Bowery Valuation, which claims that it’s the “world’s first tech-driven commercial appraisal firm,” announced this week that it raised $12 million in its Series A funding round to continue developing its technology and power its growth.
The funding was led by Builders VC, and also included participation from seed investors Navitas Capital, Camber Creek, Fika Ventures, and Corigin Ventures.
The company, which currently operates in New York, New Jersey, Connecticut, and Pennsylvania, said that it plans to use the new funding to “drive and accelerate the hiring of engineering and appraisal talent and expand its presence geographically.”
The company also plans to expand the capabilities of its technology and product offerings to decrease turnaround times and offer solutions to continue to streamline the appraisal process.
“Bowery brings a whole new way of thinking around appraisals and efficiency when it comes to using technology in the antiquated world of real estate valuation,” Jim Kim, general partner at Builders VC and lead investor, said. “Builders VC is thrilled to be investing in this team and company, applying a modern mindset and technology to an outdated industry.”
Bowery claims that its appraisal technology enables the company to create accurate reports that are less expensive but happen twice as fast as the industry average.
“Before starting Bowery, John and I spent several years appraising at one of the largest independent appraisal firms in the country. We were spending 50-60% of our time on busy work—manual data entry and copying and pasting,” Bowery Co-CEO Noah Isaacs said.
“We knew that there was a better way to appraise and set out to build a unique toolset for appraisers,” Co-CEO John Meadows added. “With this round of funding, we can’t wait to continue our mission of creating efficiency throughout the appraisal process and offering our clients best in class service.”
According to the company, this latest capital raise brings the company’s total funding to $19 million. And of that, $17 million has been raised in the last year. During that time, Bowery tripled its client base, revenue, and headcount.
“The most exciting and validating part of our journey so far has been watching our engineering team bring our dream software to life, and our team of exceptional appraisers using that software to produce reports that far surpass the industry standard,” Co-founder and CTO Cesar Devers said. “With this new funding, Bowery will be able to deliver innovative solutions, as well as address clients pain points around appraisal status, data extraction, and review experience.”