Bowery Valuation on June 28 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.
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 its 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-Chief Executive Officers Noah Isaacs and John Meadows, and Chief Technology Officer 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.
“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.
“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 join 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.”
“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.”
