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 company announced in a release.
The funding round was led by Spark Capital, an early and growth stage venture capital firm that invests in companies that are defining new industries, 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 appraisal process, allowing appraisals to be completed up to 40 percent faster for borrowers and mortgage lenders such as banks or credit unions, the company said.
“As technology continues to improve in the financial services sector, everything is becoming on-demand and easier for the borrower,” Reggora co-founder and CEO Brian Zitin said in the release. “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's platform facilitates compliance with regulations while cutting down on redundancies and manual processes with a two-sided platform that provides all the necessary tools to complete appraisals. The platform is free for appraisers.
“Reggora is transforming the appraisal process from all ends with a seamless platform for lenders, appraisers and borrowers,” Finkelstein said. “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.”
Will Denslow, Reggora’s co-founder and chief technology officer, suggests that the primary reasons for delays during appraisals stems from basic manual processes that includes finding qualified appraisers, scheduling inspections and following up on the status of orders.
“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,” Denslow said.