NEW YORK--(BUSINESS WIRE)--Bowery Valuation, the leading technology-enabled commercial real estate appraisal firm, today announced $35 million in Series B funding led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) with participation from Capital One Ventures and existing investors including Builders VC, Fika Ventures, Navitas Capital, Camber Creek, Nine Four Ventures, Greenspring Associates, and Alpaca VC. This investment brings Bowery’s total funding to $66 million following the $20 million in Series A venture funding it received in 2019.
Since 2017, Bowery Valuation has been driven by a focus on disrupting every facet of the commercial appraisal process. As the first vertically integrated appraisal company, Bowery has reimagined the appraisal process by providing innovative, tech-driven, end-to-end software solutions for their team of on-staff appraisers. With this latest round of funding, Bowery Valuation will look to aggressively grow its product, design, and engineering teams and further bolster its robust appraisal technology platform as the company continues to scale their appraisal practice nationally. With a presence in New York, New Jersey, Philadelphia/Central Pennsylvania, Washington D.C., and South Florida, the funding will continue to fuel Bowery’s powerful combination of best-in-class appraisers and cutting-edge proprietary report writing technology as the company seeks to expand its reach across the U.S., with the planned openings of several new offices into 2022.
Bowery Valuation is led by founders and Co-CEOs Noah Isaacs and John Meadows, and CTO Cesar Devers, who started the company together after recognizing that the commercial real estate appraisal industry had neither changed nor kept pace with technological innovations for decades. Their vision was to provide an end-to-end software solution for commercial real estate appraisers that utilizes public record integration, a mobile inspection app, natural language generation, and exhaustive databasing. As a result, Bowery creates higher quality appraisal reports far more efficiently than the industry average. This advantage has resulted in dramatic growth for the company since it launched in New York in 2017.
“The positive response we've received about our service and reports produced on our proprietary appraisal platform from banks and other lenders, commercial real estate owners, and investment funds has been overwhelming. The funding we are announcing today will enable Bowery to meet the increasing demand for fast, accurate, quality appraisals as the commercial real estate industry emerges from the COVID pandemic," said Meadows. "We are grateful to work with investors who share our vision to radically improve the commercial real estate appraisal process."
"With the increasing complexity of commercial real estate transactions, lenders and commercial property owners are demanding quicker and more accurate appraisals," said Jade Mandel, Vice President in the Growth Equity business within Goldman Sachs Asset Management, who will be joining the board of directors at Bowery. "Through their differentiated technology and the innovative work of their team, Bowery Valuation has led a dramatic transformation of the commercial real estate appraisal process and is quickly establishing itself as the preferred appraisal firm in the industry."
Aman Sharma, Partner at Capital One Ventures, added, “Appraisal is one of the most important parts of a real estate transaction, but due to a lack of innovation in the industry it continues to be one of the most archaic pieces of the process. With its industry-leading technology, Bowery Valuation is pioneering the modernization of the appraisal process while providing the nation’s top lenders with powerful analytics they can rely on to make fast and data-driven real estate decisions.”
“Commercial real estate appraisal is a multi-billion-dollar market, but for the most part, appraisers are still using decades-old technology. Our proprietary platform, combined with our team of best in class appraisers, is poised to continue to profoundly reshape this massive market and to achieve significant geographic and revenue growth,” said Isaacs. “We are thrilled to welcome Goldman Sachs and Capital One Ventures to our investor family and are deeply grateful for their belief in our vision and in our company.”
Despite being hampered by the COVID pandemic, commercial real estate transactions in the United States still totaled over $280 billion in 2020 down from $405 billion in 2019. For 2021, these transactions are expected to approach $500 billion, demonstrating the demand for CRE investments and the resiliency of the market, which bodes well for Bowery Valuation’s growth and expansion plans.
For more information, please visit www.boweryvaluation.com.
