Navitas Capital led the round
Appraisal tech startup Bowery Valuation has raised $5 million in seed funding led by Navitas Capital, according to TechCrunch. Notable real estate investors include Cushman & Wakefield and LeFrak.
How it currently works: Appraisers visit properties, snap pictures, collect information about taxes, zoning and land use — it requires a lot of manual administrative work.
What they do: The startup aims to automate and optimize the process. It saves time by pulling public data and giving an appraiser access to a mobile app where he can check off boxes to indicate if the property has high ceilings and if it’s in close proximity to public transportation etc…
Revenue Model: While the appraisal fee for an apartment complex in NYC costs between $3,000 and $4,000, Bowery says it charges roughly half.