Bowery Valuation, a US-based developer of commercial property appraisal software, confirmed yesterday that it has completed a $12m series A round featuring Camber Creek, the corporate venturing arm of property developer Berman Enterprises.
The round was led by Builders, a fund formed by now defunct venture capital firm Formation 8, and also featured boutique seed fund Fika Ventures and VC firms Navitas Capital and Corigin Ventures.
Founded 2015, Bowery has built cloud-based software it claims can produce commercial real estate appraisal reports that are less expensive than the industry average and created twice as quickly.
The platform uses natural language processing technology to automate the entire process and provide appraisers with instant subject-level data about a property. Proceeds from the series A round will be used to hire new staff and international growth.
Camber Creek, real estate developer LeFrak, Corigin Ventures, Expansion Ventures and Fika Ventures provided approximately $1.8m for Bowery in a mid-2017 seed round, before property developer Cushman & Wakefield invested a further $5m in March 2018.
John Meadows, Bowery’s co-CEO, said: “We knew that there was a better way to appraise and set out to build a unique toolset for appraisers. With this round of funding, we can’t wait to continue our mission of creating efficiency throughout the appraisal process and offering our clients best in class service.”