Appraisal software company Reggora today announced the completion of a $30 million Series B funding round, led by returning investor Spark Capital. Other investors included Shine Capital, Greenpoint Partners, Boston Seed and 1984.
The company snagged $10 million in a February Series A funding round, bringing its total capital to $45 million.
Reggora said it will use the proceeds to support technology and engineering investments, and CEO Brian Zitin said the goal is to eventually offer two-day appraisals.
“The appraisal industry is ready for innovation, and we are excited to be at the forefront of those efforts,” Zitin said.
Will Denslow, Reggora chief technical officer, added: “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.”
Denslow’s point is key in the current world of mortgage and real estate, which saw massive changes to the industry thanks to the COVID-19 pandemic and subsequent economic shutdown.
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As agents begin transitioning to virtual home tours and online closings, the future of appraisals is in question; namely, how can the job be done as other parts of the process are going online?
Regorra officials are hoping the recent Series B funding will aid in such a transition.
“Reggora provides technology that equips both lenders and appraisal vendors with comprehensive automation to streamline the entire appraisal process,” the company said in a press release. “We recognize the need for lenders to prioritize digital transformation and modernization across the entire mortgage process, specifically appraisals.”
[CORRECTION: An earlier version of the story has been updated to show Regorra’s official value of $45 million, not $45 billion]