Reggora Secures $30 Million in Series B Funding Led by Spark Capital
—Funding will help the company further innovate the appraisal industry—
Boston, January 12, 2020 – Reggora, an appraisal software company that is modernizing residential real estate valuation, today announced the successful completion of its $30 million Series B funding round led by returning investor Spark Capital, a venture capital firm responsible for early-stage funding of numerous successful startups including Twitter, Wayfair, Plaid, and Slack. The round also featured contributions from returning investors Boston Seed and 1984. New investors included Shine Capital and Greenpoint Partners, among others.
“Reggora continues to exceed expectations from a customer growth and product development standpoint,” said Alex Finkelstein, partner, Spark Capital. “Reggora’s ability to scale and innovate, along with their clear vision for the future of appraisals, makes us excited to continue our partnership.”
This financing brings the total capital raised by the company to more than $45 million. Reggora intends to use the proceeds from this round to support technology and engineering investments that will further scale the company.
"The appraisal industry is ready for innovation and we are excited to be at the forefront of those efforts,” said Brian Zitin, co-founder and CEO of Reggora. “We're grateful for the continued confidence that our investors have placed in us and our ability to impact the industry. Reggora is growing rapidly and this funding provides the capital necessary to help us continue to hire top talent, scale the business, and deliver on our goal of bringing consistent, two-day appraisals to the industry.”
This funding round closed during a significant refinance boom brought on by the coronavirus pandemic, which put tremendous pressure on the operational systems and processes of mortgage lenders. Reggora recognizes the need for lenders to prioritize digital transformation and modernization across the entire mortgage process, specifically appraisals. To that end, Reggora provides technology that equips both lenders and appraisal vendors with comprehensive automation to streamline the entire appraisal process. Reggora also integrates with major LOSs and POSs such as Ellie Mae Encompass, Black Knight, and SimpleNexus.
“We continue to make investments in our technology to provide innovation for the residential mortgage lending and valuation industry,” said Will Denslow, co-founder and CTO of Reggora. “Lenders and consumers are both demanding better overall user experiences as digital transformation continues to take over the mortgage world, and we want to make sure appraisal doesn’t fall behind.”
Reggora’s mission is to make two-day appraisal turn times a reality. Of course, the company recognizes that achieving this reality will take more than just technology. Read about the company’s vision for the future of valuation here.
Reggora is driving appraisal innovation with a modern, two-sided platform for mortgage lenders and appraisal vendors. Through advanced and configurable workflows, Reggora streamlines the entire appraisal process for everyone involved, while improving the overall borrower experience. Lenders and appraisers benefit from payment processing, automatic appraisal ordering, rule-based reviews, appraisal delivery, status updates, and more, creating unprecedented operational efficiency.
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