SEATTLE, Nov. 18, 2021 /PRNewswire/ -- Aloft, a Seattle-based company revolutionizing the $10 billion real estate appraisal industry, today announced a successful $20 million Series A funding round, led by Fifth Wall, the largest venture capital firm focused on technologies for the global real estate industry, with additional investment from Andreessen Horowitz, a venture capital firm based in Silicon Valley that led Aloft's seed round. This brings Aloft's total funds raised to $25 million. The company, currently operating in the Seattle and Portland metro areas, will use the funds to expand its US operations, invest in its proprietary workflow technology and expand its workforce of appraisers and technology engineers.
Aloft delivers a new, efficient approach to home valuation. The company's technology combines the power of deep industry expertise, better data and standardized methodology to generate faster, simpler, more accurate appraisal reports.
"The current home appraisal process is inefficient and lacks consistent quality, which creates issues for people trying to close a real estate transaction," said Travis Soukup, CEO of Aloft. "An appraisal report is the cornerstone of financing a home, but getting a quality report done on time is one of the largest pain points for lenders and borrowers. We think we can fix this with improved appraiser tools and technology, better communication and integrated quality controls. We are significantly improving turnaround times and producing the highest quality in the industry. Lenders are getting a predictable experience, and borrowers are feeling more informed and respected."
Most appraisers operate as sole proprietors. Aloft brings appraisers together to collaborate and leverage cutting-edge technology. This technology sets the company apart from the rest of the industry by standardizing data capture, report writing, and real-time communication. "It's all about combining the best appraisers with the best technology," says Soukup.
"The appraisal industry is in deep need of evolution and Aloft is the company that can get the job done," said Dan Wenhold, Partner, Fifth Wall. "We chose to invest in Aloft because the vision is clear, its leadership has deep experience in the space and the company has already demonstrated the ability to grow smart in a very short period of time. We see significant potential with this partnership and are excited for what's to come."
Additional investors include the following:
- Spencer Rascoff, founder of and general partner at 75 & Sunny, co-founder of Pacaso and co-founder of Zillow
- MetaProp, a leading venture capital firm focused on the PropTech industry
- Chase Gilbert, CEO of Built
- Gokul Rajaram, DoorDash executive and board member of Coinbase and Pinterest
Aloft is currently operating in greater Seattle and Portland and has plans to expand to other major US cities in 2022.
Founded in 2021 and headquartered in Seattle, Aloft provides a new, efficient approach to home valuation. Its technology combines the power of deep industry experience, better data and standardized methodology to generate faster, simpler and more accurate appraisal reports. To learn more, visit aloftappraisal.com.
Public Relations, GreenRubino for Aloft
E. [email protected]