HouseCanary raises million to continue automating real estate appraisals
It seems that investors have some interest in automating real estate appraisals.
HouseCanary, a provider of software and analytics for the real estate industry that specializes in valuations and appraisals, announced this week that it raised $65 million in its Series C funding round.
That amount equals the company’s previous funding total, which was raised in two rounds of funding that both took place in 2017.
In those funding rounds, the company raised $65 million total.
This new funding round doubles the company’s total capital raised to $130 million.
HouseCanary was founded in 2013 and now claims that it has the “most accurate residential real estate valuations, with a 2.5% median absolute percentage error for 106 million U.S. residential properties nationwide.”
The company has also doubled its revenue in each of the last two years and states that its pace of growth is accelerating for 2020.
And with this new funding in its coffers, HouseCanary is primed to continue growing.
“This latest round of funding will allow HouseCanary to continue to build the most accurate valuations in the housing market, continue to build our world-class team to accelerate development and broad market adoption of HouseCanary, and invest in our leading-edge technology,” HouseCanary Co-Founder and CEO Jeremy Sicklick said.
“Reliably automating home valuations replaces a two- to three-week human appraisal process with instant, actionable valuations at a fraction of the price,” Sicklick said. “Consumers and institutional investors buying homes as well as financial institutions providing mortgages demand this, and we power it across America’s housing market.”
The company’s Series C funding round was led by Morpheus Ventures, Alpha Edison, and PSP Growth.
Morpheus Managing Partner Joseph Miller said the firm invested in HouseCanary because the company has shown that it can simplify and automate the appraisal process.
“We invest in disruptive companies that are innovative and creative in how they tackle the changing landscape,” Miller said. “Through their proven software and data-driven technology HouseCanary is streamlining real estate transactions and changing the future of the industry.”
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