Bowery Valuation, the New York-based tech-focused real estate appraisal startup has confirmed fundraising of $12 million in the fresh Series A financing. The fresh round of investment has come from a clutch of investors that include Corigin Ventures, Camber Creek, Navitas Capital, Fika Ventures and Builders.
The current round takes the total amount raised by the company to $18.8 million. Prior to this round, the three-year-old firm had bagged $5 million in March last year during the seed round fundraising led by Navitas Capital. Cushman & Wakefield, LeFrank, Fika Ventures are the other backers of the firm.
Started in 2015 by Cesar Devers, John Meadows, Noah Isaacs, Bowery offers some excellent solutions to appraisers such as ticking off the items instead of writing them down, pulling public records data, keeping important records such as rental and sales comps through map-based search.
The company is operational in New York, New Jersey, Pennsylvania, and Connecticut but now plans to expand their presence in Los Angeles and Chicago. Noah Isaacs, the CO-CEO of the firm commenting on the expansion plan said, L.A. and Chicago are still our first two choices for expansion. Bowery’s goal is now to be in at least one of those two markets within the next nine to 12 months, with the other to follow shortly. We held off on expanding into new geographies prematurely, as we felt we had a lot more room to grow just in the tri-state area.”
Speaking to Crunchbase, Isaac revealed that the firm has tripled their customer base and revenue in last one year time. Now, with fresh capital infusion, it will be interesting to see how things conspire for the firm.