American fintech firm Reggora has raised $10m in a Series A funding led by Spark Capital, which also led its $3m seed round in January last year.
Spark Capital was joined by the firm’s existing investor Boston Seed Capital.
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The latest funding round brings the total money raised by the company to date to $15m.
Reggora is an appraisal technology company that provides mortgage lenders and appraisal vendors with two-sided software.
The company claims that its software streamlines appraisals by automating traditionally manual processes such as finding appraisers, scheduling appraisal inspections and reviewing the final appraisal product.
Reggora CEO and co-founder Brian Zitin said: “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.
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By GlobalData“This latest round of funding is a testament to both our rapid growth and the strength of our software.”
Reggora intends to use the funds to bolster its engineering, sales, and operations teams.
The money will also be used by the company to expand its footprint in the real estate valuation space.
Spark Capital partner Alex Finkelstein said: “Reggora has exceeded all expectations from a customer and product standpoint since its seed round.
“We continue to be impressed with the company’s ability to scale and innovate, and are excited to support their vision.”
Reggora CTO and co-founder Will Denslow added: “Our software is unrivalled 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.”
Since last year, the firm’s client base and workforce have increased significantly.
