Reggora, an automated appraisal management technology for mortgage lenders and appraisers, raised $10 million in a Series A funding round, led by Spark Capital, with participation from Boston Seed Capital. Spark Capital also led the company’s $3 million seed round in January 2019.
The company, which has raised nearly $15 million to date, plans to use the new funds to expand its engineering, sales, and operations teams.
“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. 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 modernization,” said Brian Zitin, Reggora’s CEO and co-founder.
According to the company, its software condenses and streamlines appraisals by automating traditionally manual processes such as finding appraisers, scheduling appraisal inspections, and reviewing the final appraisal product.
Will Denslow, Reggora’s CTO and co-founder added, “Our software is unrivaled from a technology standpoint. We’re using the latest technology stack that allows us to build at a pace no one in the industry has seen before. With this funding, we will be able to hire even more top-tier engineers and continue to stay at the forefront of appraisal innovation.”
Image Credit: Reggora