Residential appraisal software Reggora announced Thursday, Feb 13, it has secured a total of $10 million in its latest Series A funding led by venture capital firm Spark Capital.
In a press release, the fintech startup disclosed it will be using the fresh capital to expand its engineering, sales, and operations teams, as well as to extend its nationwide presence and continue its product innovation.
“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,” commented Brian Zitin, Reggora’s chief executive officer and co-founder. “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.”
Founded in 2016, Regorra runs as a cloud-based appraisal platform brings both mortgage lenders and appraisal vendors onto a single platform. With the success of its latest funding, the fintech startup now has a total amount raised of about $15 million since its launch.
“Reggora has exceeded all expectations from a customer and product standpoint since its seed round,” said Alex Finkelstein, a partner from Spark Capital. “We continue to be impressed with the company’s ability to scale and innovate, and are excited to support their vision.”
This is not the first time that Spark Capital has led the startup’s funding. In January last year, the venture capital also backed Reggora’s seed round, which ended with a total raised of $3 million.
Will Denslow, Reggora’s CTO and co-founder, also 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.”