Appraisal startup has now raised $18.8 million to date
Bowery Valuation has raised a $12 million Series A round led by Builders VC. Other investors included Navitas Capital, Camber Creek, Fika Ventures, and Corigin Ventures.
What they do: Bowery optimizes the antiquated and tedious appraisal process. With access to easy-to-use software, an appraiser simply checks off boxes to indicate details about the property (e.g. high ceilings, close proximity to public transportation etc…). This combined with the company’s powerful database allows appraisers to write full reports faster than traditional firms.
Traditional method: Visit properties, snap pictures, collect information about taxes, zoning, and land use, requiring arduous manual administrative work.
Disruption leads to more competitive pricing: While the appraisal fee for an apartment complex in NYC typically costs between $3,000 and $4,000, Bowery charges roughly half.