Bowery Valuation, the Real Estate Appraisal Startup, Secures $12 Million in Series A Funding

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outdated industry,” said Jim Kim, General Partner Builders VC and lead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

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

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