Appraisal startup Bowery Valuation raises $12M in Series A

The startup has raised $19M so far

New York /
Jan.January 04, 2019 05:15 PM

Noah Isaacs and John Meadows

Bowery Valuation, a tech-focused real estate appraisal firm, just raised $12 million in its latest Series A funding round.

Builders VC led the round, alongside Navitas Capital, Camber Creek, Fika Ventures and Corigin Ventures, Bowery representatives told The Real Deal. The startup, one of MetaProp’s portfolio companies, bills itself as the world’s first tech-driven commercial real estate appraisal firm. The company focuses on multifamily and mixed-use assets but plans to expand to other commercial properties this year, said Noah Isaacs, one of the company’s founders and CEOs.

Isaacs likened Bowery’s digital “toolkit” to TurboTax, saying it automatically provides basic information on a building — like its property taxes and owner. He said appraisers aren’t traditionally the most tech-savvy crowd, noting that many seem to consider Microsoft Excel a modern tool.

“It’s scary. It really is,” Isaacs said. “When you appraise the old fashioned way, it takes longer and the end product is inconsistent.”

So far the company, which was founded in 2015, has raised $19 million. Earlier this year, the company received $5 million, from investors including Cushman & Wakefield, Camber Creek and the LeFrak Organization.

Isaacs and co-CEO John Meadows indicated on Friday that the company hopes to expand to Chicago and Los Angeles and expects to be in one of those markets by the end of the year. The company, which currently has a 30-person team, also plans to grow its own appraisal practice, rather than providing the tools for other firms.

In the last few years, venture capital firms have poured money into real estate tech companies. The August issue of TRD took a close look at how such financing is changing the industry.


Related Articles

arrow_forward_ios
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
The Real Deal's E.B. Solomont
Compass stock drops, Better.com gets SoftBank investment
Compass stock drops, Better.com gets SoftBank investment
Better CEO Vishal Garg and SoftBank CEO Masayoshi Son (Better.com, Getty)
Better.com lands $500M investment from SoftBank
Better.com lands $500M investment from SoftBank
Gigstreem CEO Joel McIntyre (Gigstreem, iStock)
NYC startup nabs $50M to expand Wi-Fi connectivity
NYC startup nabs $50M to expand Wi-Fi connectivity
The announcement makes Google one of several tech companies that will let workers return to the office sooner than later. (iStock, Google)
Google will bring some employees back to offices this month
Google will bring some employees back to offices this month
RLTY Capital has the backing of Ryan Serhant and Related Companies’ Chris Schmidt. (LinkedIn via Schmidt, Elwell Kennedy Capital, Serhant)
Commission-advance startup backed by Serhant launches in NYC
Commission-advance startup backed by Serhant launches in NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...