Bowery Valuation, the technology-enabled commercial real estate appraisal firm, announced $35 million in Series B funding led by the Growth Equity business within Goldman Sachs Asset Management, with participation from Capital One Ventures and existing investors including Builders VC, Fika Ventures, Navitas Capital, Camber Creek, Nine Four Ventures, Greenspring Associates and Alpaca VC. This investment brings Bowery’s total funding to $66 million following the $20 million in Series A venture funding it received in 2019.
As the first vertically integrated appraisal company, Bowery provides tech-driven, end-to-end software solutions for their team of on-staff appraisers. With this latest round of funding, Bowery Valuation will look to aggressively grow its product, design, and engineering teams and further bolster its robust appraisal technology platform as the company continues to scale its appraisal practice nationally. With a presence in New York, New Jersey, Philadelphia/Central Pennsylvania, Washington D.C. and South Florida, the funding will continue to fuel Bowery’s combination of appraisers and proprietary report writing technology as the company seeks to expand its reach across the U.S., with the planned openings of several new offices into 2022.
Bowery Valuation is led by founders and Co-CEOs Noah Isaacs and John Meadows, and CTO Cesar Devers, who started the company in 2017 to provide an end-to-end software solution for commercial real estate appraisers that utilizes public record integration, a mobile inspection app, natural language generation and exhaustive databasing. As a result, Bowery creates higher quality appraisal reports far more efficiently than the industry average, the company said.
“Commercial real estate appraisal is a multi-billion-dollar market, but for the most part, appraisers are still using decades-old technology. Our proprietary platform, combined with our team of best in class appraisers, is poised to continue to profoundly reshape this massive market and to achieve significant geographic and revenue growth,” said Isaacs. “We are thrilled to welcome Goldman Sachs and Capital One Ventures to our investor family and are deeply grateful for their belief in our vision and in our company.”
