Bowery Valuation Closes $16.3 Million Extension of Series B Funding, Accelerating Growth Trajectory
NEW YORK (PRWEB) July 18, 2023 -- Bowery Valuation, the leading technology-enabled commercial real estate appraisal firm, today announced the successful extension of its Series B funding round, raising an additional $16.3 million to support ambitious growth plans and further propel innovation in the real estate valuation industry. The Series B extension round was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs), with the addition of Curql Collective as new investors, and continued support from all major existing investors. Existing investors include Capital One Ventures, Stepstone Group, Builders VC, Fika Ventures, Navitas Capital, Camber Creek, and Nine Four Ventures. The infusion of capital underscores the market's confidence in Bowery Valuation's cutting-edge technology platform, bringing Bowery’s total funding to over $80 million following the $35 million in Series B venture funding it received just two years ago.
Since its establishment in 2017 by founders and Co-CEOs Noah Isaacs and John Meadows, and CTO Cesar Devers, Bowery Valuation has been disrupting the commercial appraisal process as the first vertically integrated appraisal-tech company, empowering its in-house team of appraisers with innovative, tech-driven, end-to-end software. Utilizing public record integration, a mobile inspection app, natural language generation, and exhaustive databasing, the company's proprietary report writing technology streamlines the appraisal process, enabling faster turnaround times, enhanced accuracy, and improved efficiency for its clients. Bowery has brought together industry leading experts from company’s including CBRE, Cushman & Wakefield, Newmark, Colliers, and BBG, with the largest technology team in the commercial appraisal industry, to build the modern appraisal firm. Bowery’s advanced appraisal reports have been met by an increasing demand from the nation’s top banks and lenders, commercial real estate owners, and investment funds.
“Our team is thrilled to secure this additional funding as we not only continue to accelerate enhancements within our best-in-class internal appraisal software,” said John Meadows, Founder and Co-CEO of Bowery Valuation, “but also begin to significantly invest in new external facing features that our clients can interact with directly to create unique value and enhance our service and product offerings for our customers. We’re so grateful to our existing and new investors for their belief in our vision for this industry that so many of us at Bowery have dedicated much or all of our careers to. To add a partner like Curql Collective to this incredible group of investors, with over 100 credit unions behind them, is such an exciting step for us.”
"This latest capital raise will enable us to further enhance our data infrastructure, expand our team, and accelerate our growth trajectory as we continue to transform the commercial appraisal process," added Noah Isaacs, Founder and Co-CEO of Bowery Valuation. “Heading into the second half of 2023, we believe the commercial real estate market and regional banking sector will remain resilient and we anticipate a significant uptick in appraisal activity in the coming months. This period will also be a major inflection point in terms of the advancement and adoption of new technology in our space, in particular with the recent step changes in AI, and we’re excited to be afforded the opportunity to invest more heavily in innovation than any of our competitors in our industry.”
AI has become a key area of exploration for Bowery Valuation’s technology team. The structured data the company already collects through every appraisal allows tremendous opportunity for Bowery to utilize AI to ensure even greater accuracy, consistency, and transparency in its appraisal production. Combining the efficiency of technology with the insights of their exceptional team of appraisers, Bowery Valuation is committed to delivering powerful analytics that their clients can rely on.
Jade Mandel, a Vice President in the Growth Equity business within Goldman Sachs Asset Management, explained, “Since our first investment in mid-2021 we’ve seen great progress in Bowery’s transformational technology, its national expansion efforts, and its ability to continue to add incredible talent to the team. This market certainly presents challenges to the broader commercial real estate space, but we believe Bowery has the potential to become the market leader within appraisal.”
Nick Evens, Curql Collective President & CEO, added, “Curql is excited to partner with Bowery and help the company expand in the credit union space. Commercial real estate lending is projected to be an even more important area for credit union lending teams going forward. Having the ability to offer a superior technology-enabled appraisal service allows credit unions to become more competitive in the market to win new business.”
Despite the stagnation of the commercial real estate industry over the past year, Bowery Valuation has rapidly grown its client base within its core markets in the Northeast, Mid-Atlantic, Florida, California, and Pacific Northwest. Since Bowery Valuation raised its initial Series B, the company has expanded its presence from just two markets to nine markets across the country and added over 750 new clients. The additional capital from its investors will fuel further national expansion, fulfilling plans to open offices in the Midwest, Southwest, and Southeast.
About Bowery Valuation
Bowery Valuation is the leading technology-enabled commercial real estate appraisal firm. Since its inception in 2017, Bowery Valuation has been disrupting the commercial appraisal process. As the first vertically integrated appraisal company, Bowery has reimagined the appraisal process providing their in-house team of appraisers with innovative, tech-driven end-to-end software solutions. Utilizing public record integration, a mobile inspection app, natural language generation, and exhaustive databasing, Bowery has modernized the appraisal process providing the country’s top lenders with higher quality reports and faster turn-times than anyone in the industry. For more information, please visit http://www.boweryvaluation.com/http://www.boweryvaluation.com.
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2.6 trillion in assets under supervision worldwide as of March 31, 2023. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.
About Curql Collective
Curql Collective is a collaborative approach that brings investment capital, credit unions, and fintech together. Launched in 2020, Curql is steered by a collective of forward-thinking credit unions, including former founders, operators, and leaders in the fintech and investment spaces. The group’s flagship – Curql Fund I – invests in the visions of entrepreneurs who thoughtfully and purposefully develop financial services technology that revolutionizes and innovates how people engage with their money. For more information, please visit http://www.curql.com.
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Media Contact:
Camille Phillips
Bowery Valuation
949.742.1389
Camille Phillips, Bowery Valuation, https://www.boweryvaluation.com/, 1 9497421389, [email protected]
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