Automated appraisal startups continue to attract funding from investors as the push to make the often complex real estate valuation process less labor and time intensive.
Reggora, a leading appraisal platform serving both appraisers and mortgage lenders, has secured $3 million in seed funding to help it expand across the country and continue to enhance its platform, according to The Real Deal.
The funding round was led by Spark Capital with participation from Boston Seed Capital, an early investor in the company.
Reggora brings greater efficiency to the home appraisal process, allowing appraisals to be completed up to 40% faster for borrowers and mortgage lenders like banks or credit unions.
“As technology continues to improve in the financial services sector, everything is becoming on-demand and easier for the borrower,” says Brian Zitin, co-founder and CEO of Reggora. “However, getting a mortgage loan is still a slow process and getting an appraisal is a main contributor to that. Reggora aims to streamline things for everyone involved by bringing modern technology to the process.”
Meanwhile, Bowery Valuation, which claims that it’s the “world’s first tech-driven commercial appraisal firm,” recently announced that it raised $12 million in its Series A funding round to continue developing its technology and power its growth, reported Tech Crunch.
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.”