BOSTON, Jan. 14, 2019 /PRNewswire/ -- Reggora, a leading appraisal platform serving both appraisers and mortgage lenders, has secured $3 million in seed funding to help it expand across the country and continue to enhance its platform.
The funding round was led by Spark Capital with participation from Boston Seed Capital, an early investor in the company. Alex Finkelstein, General Partner at Spark Capital, spearheaded the deal and will join Reggora's board of directors.
Reggora brings greater efficiency to the home appraisal process, allowing appraisals to be completed up to 40% faster for borrowers and mortgage lenders like banks or credit unions.
"As technology continues to improve in the financial services sector, everything is becoming on-demand and easier for the borrower," says Brian Zitin, co-founder and CEO of Reggora. "However, getting a mortgage loan is still a slow process and getting an appraisal is a main contributor to that. Reggora aims to streamline things for everyone involved by bringing modern technology to the process."
"Reggora is transforming the appraisal process from all ends with a seamless platform for lenders, appraisers and borrowers," said Alex Finkelstein, General Partner at Spark Capital. "We are very impressed with the company's traction and strongly believe in the team's vision for bringing greater efficiency and transparency to the market."
After the 2008 housing crisis, the Home Valuation Code of Conduct (HVCC) was created to protect appraiser independence and prevent outside pressure on appraisers that might influence property values. This measure added an additional layer of complexity to the process. Reggora's platform facilitates compliance with these regulations while cutting down on redundancies and manual processes with a seamless and transparent two-sided platform that provides all the necessary tools to efficiently complete appraisals. The platform is completely free for appraisers.
"The primary reasons for delays during appraisals today revolve around basic manual processes such as finding the most qualified and available appraisers, scheduling inspections and following up to check on an order status," says Will Denslow, Reggora's co-founder and CTO. "Our software automates all of these elements and much more, providing the lender with greater control and transparency and allowing the appraiser to spend more time focusing on the critical part of the process: the appraisal itself."
Reggora is a cloud based, two-sided appraisal platform for mortgage lenders and real estate appraisers. Reggora's software condenses and streamlines appraisals by automating traditionally manual processes such as finding appraisers, scheduling appraisal inspections and reviewing the final appraisal product. The company's platform provides mortgage lenders with higher quality appraisals and reduced turn times, while giving appraisers free tools to process more orders and maximize efficiency. To learn more, please visit www.reggora.com.
About Spark Capital
Spark Capital is an early and growth stage venture capital firm that invests in bold companies that are defining new industries. Spark invests in companies at all stages of their life cycle. The firm's most recent funds include a $400 million early-stage venture fund and a $600 million venture growth fund. In total Spark has $3 billion under management with offices in San Francisco, Boston and New York. For more information, please visit www.sparkcapital.com.