BOSTON, Feb. 13, 2020 /PRNewswire/ -- Reggora, the industry's leading residential appraisal software, announced that it has raised $10 million in Series A funding, led by Spark Capital. Spark also led the company's $3 million seed round in January 2019. Existing investors, including Boston Seed Capital, also participated in the round. With the funding, Reggora will focus on adding to its engineering, sales, and operations teams, expanding its nationwide presence, and continuing to innovate in the real estate valuation space.
Alex Finkelstein, a partner from Spark Capital, said, "Reggora has exceeded all expectations from a customer and product standpoint since its seed round. We continue to be impressed with the company's ability to scale and innovate, and are excited to support their vision."
In response to an appraisal industry reliant on legacy technology and manual workflows, Reggora has built a modern appraisal technology platform that 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. 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.
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."
This most recent round of funding brings Reggora's total amount raised to nearly $15 million. In the past year, the company has significantly expanded its client base and workforce, and has invested in unique partnerships and integrations to provide its clients with a competitive advantage in the appraisal process. In the past several months, Reggora's co-founders were recognized as two of Boston's top entrepreneurs and also profiled in Forbes' 30 Under 30 annual edition.
Reggora is a modern appraisal technology company that provides mortgage lenders and appraisal vendors with a two-sided software that streamlines the appraisal process from A to Z. Through advanced and customizable workflows, Reggora's core features include payment processing, algorithmic appraisal ordering, automatic rule-based reviews, appraisal delivery, status updates, and more. Lenders using Reggora today experience significantly reduced appraisal turn times, lower internal overhead, and an improved buyer experience.
About Spark Capital:
Spark Capital is an early and growth stage venture capital firm that invests in bold companies that are defining new industries such as Affirm, Discord, Oculus, Plaid, Slack, and Wayfair. Spark invests in companies at all stages of their life cycle. The firm's most recent funds include a $450 million early-stage venture fund and a $800 million venture growth fund. In total Spark has over $4.2 billion under management with offices in San Francisco, Boston and New York. For more information, please visit www.sparkcapital.com.