NEW YORK–(BUSINESS WIRE)–Bowery Valuation, the world’s first tech-driven commercial appraisal firm, today announced the company closed a $12 million Series A round of funding led by Builders VC. Seed investors Navitas Capital, Camber Creek, Fika Ventures and Corigin Ventures also participated in the round. This brings the total raise for Bowery Valuation to $19 million. The company will use the financing to drive and accelerate the hiring of engineering and appraisal talent and expand its presence geographically. Bowery also plans to expand its technology capabilities and product offerings to further shorten turnaround times and offer unique, innovative solutions to continue to modernize and 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. Builders VC is thrilled to be investing in this team and company, applying a modern mindset and technology to an outdated industry,” said Jim Kim, General Partner Builders VC and lead investor.
Recognizing that the commercial real estate appraisal process is broken, Bowery built the first vertically-integrated appraisal company that provides an end-to-end software solution for commercial real estate appraisals. Through its unique public record integration, mobile inspection app, exhaustive databasing, and natural language generation, Bowery is able to create less expensive and more accurate reports twice as fast as the industry average.
Bowery’s Co-CEO Noah Isaacs said, “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.” John Meadows, Co-CEO went on to say, “We knew that there was a better way to appraise and set out to build a unique toolset for appraisers. 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.”
The average commercial real estate appraisal takes three weeks to deliver and is considered the biggest bottleneck in the lending process. Reliant on manual reporting, appraisals are riddled with errors and inconsistencies, burying valuable data in dense, hundred-page PDFs. Appraisers are also frustrated, needing dozens of disparate tools and manual processes to complete a single appraisal.
“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,” said co-founder and CTO Cesar Devers. “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.”
In the past year alone, Bowery has raised a total of $17 million, tripled its client base, revenue, and headcount, and valued more than $3 billion in commercial real estate. Bowery is now working extensively with top-tier lenders and operating in New York, New Jersey, Connecticut and Pennsylvania. Bowery also won the “Transactions and Underwriting” award at the 2018 Real Estate Tech Awards.
For more information, visit https://boweryvaluation.com/.
Bowery Valuation powers its appraisers with a cloud-based commercial appraisal writing software and mobile application, allowing them to write full appraisal reports more than twice as fast as its leading competitors. Its powerful backend database and natural language generator create increased efficiency, quality, and consistency firm-wide. Further, extensive data collection and integration allows Bowery to reframe what the appraisal actually provides to its clients. Bowery’s underlying tech and team of appraisal experts yield unprecedented product offerings in one of the most antiquated sectors of the real estate industry. For more information visit www.boweryvaluation.com