Tech-driven appraisal firm, Bowery Valuation, has recently ended a Series A funding round with $12 million. The firm plans to use the capital to develop its valuation platform. Having only been in the works for three and a half years, the company has raised this capital from such names as Corigin Ventures, Camber Creek, Navitas Capital, Fika Ventures and Builders.
Bowery, like a lot of real estate technology companies, is tackling some clunky processes that you might imagine would have been solved long ago. For example, its mobile app enables appraisers to tick off items, rather than write everything down. It automatically pulls in public record data so that appraisers needn’t surf the web to find what they need. It enables passive databasing, meaning that rental and sales comps that are often lost today can be found via a map-based search. It also uses natural language generation to help its appraiser clients produce reports.
The company was beginning to sell a white-label version of its app to customers, and it has since shifted toward focusing its entire product and engineering team on its own internal software.
It has also expanded its footprint more slowly than it thought it might. Though the company is currently licensed and working throughout New York, New Jersey, Pennsylvania and Connecticut, it hasn’t reached numerous farther-flung cities that continue to remain in its sights, including L.A. and Chicago.
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