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Bowery Valuation Snags $12 Million More in Funding

By Phil Butler | January 11, 2019

The New York-based Bowery Valuation has just announced Series A funding in the amount of $12 million to further its technology-powered real estate appraisal platform. According to the announcement, Bowery raised the capital from Builders VC, Camber Creek, Corigin Ventures, Fika Ventures, and Navitas Capital.

Bowery Valuation
Bowery Valuation aims to fix the broken property appraisal system

Bowery Valuation makes technology that appraisers can use to streamline and make more effective their efforts. A mobile app, for instance, enables users to check off items without having to write down details. As ordinary as this function may sound, it's surprising nobody else thought of creating tech before Bowery. This app even pulls data from the cloud so appraisers don't have to surf to find it.

There's also natural language capability that helps users generate reports. The company narrative says the technology-driven innovations "modernize the appraisal process," and considering pencils and paper are still the "go to" tools of appraisers... Well, the best innovations are the simplest ones, and Bowery's team seems to have reinvented the appraisal wheel.
Jim Kim, General Partner of Builders VC, and lead investor offered this statement via BusinessWire:

“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 Builders VC is thrilled to be investing in this team and company, applying a modern mindset and technology to an outdated industry.”

Moving forward, Bowery Valuation is now rolling out a white-label version of the aforementioned app for customers and is expanding outside the company's original licensing areas in the Eastern U.S. Bowery Valuation has moved out of New York, New Jersey, Pennsylvania, and Conneticut, into L.A. and Chicago, with other markets in coming into range. Co-founder Noah Isaacs, told reporters his company wants to be in either Los Angeles or Chicago in the next few months. Isaacs told reporters Bowery has tripled its customer base since March of 2018. Bowery Valuation is currently focused on multi-family and mixed-use assets, but the company has plans to expand to other commercial properties in 2019, according to Isaacs.

Isaacs and his childhood pal John Meadows, founded Bowery back in 2015 after the duo worked together at the same appraisal firm in New York. Bowery is based on the vast experience the two gleaned from working in the business, and improvements the founders knew would make a difference for appraisers. Joining the co-founders, Princeton economics wiz, Cesar Devers came aboard as CTO before the three got accepted to the startup accelerator MetaProp NYC.

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, 

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
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