Residential appraisal software provider Reggora has successfully raised $10m in a new investment round to fund its expansion plans. The new money brings the total capital invested into the company to $15m.
Reggora will use the money to recruit more talent to its engineering, sales and operations teams as well as funding the growth of its nationwide presence and to innovate in the real estate valuation space.
Spark Capital, the US-based venture capital firm, led the funding round. The investor backed Reggora’s $3m seed round in January 2019.
Reggora has exceeded all expectations from a customer and product standpoint since its seed round,” said Alex Finkelstein, partner at Spark Capital. “We continue to be impressed with the company’s ability to scale and innovate, and are excited to support their vision.”
Existing investors, including Boston Seed Capital, also participated in the round.
Reggora is set up to transform the appraisal industry, which it believed is too reliant on legacy technology and manual workflows.
Its appraisal technology platform brings mortgage lenders and appraisal vendors onto a single core platform. Reggora’s all-in-one software provides lenders with faster turn-times, operational efficiency, and a better experience for both borrowers and loan officers.
“Since our last round of funding, we have been able to establish ourselves as the premier automated appraisal technology and now work with regional and national lenders across the country,” said Brian Zitin, Reggora’s CEO and co-founder. “This latest round of funding is a testament to both our rapid growth and the strength of our software. I’m excited to continue our journey and spearhead a new era of appraisal modernisation.”
Spark Capital closed a second fund in 2017. It was worth $606m.
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