The platform arms appraisers with quality, end-to-end workflow and reporting tools, reducing significant time spent on property research and manual data entry
SAN DIEGO (November 15, 2022) — Valcre, the commercial real estate industry’s premier appraisal platform, today announced a $12.7 million Series A funding round led by Avenue Growth Partners with participation from Second Century Ventures. The investment will support rapid team growth and product innovation while deepening Valcre’s commitment to streamlining appraisal workflows throughout the U.S., Canada and Australia.
“Valcre has been a disruptor in the appraisal industry for over half a decade, but the explosion of interest in our offering these past two years have proven that the need is greater than ever for appraisal workflow software,” said Valcre Co-founder and CEO Lucas Rotter. “We are pleased to partner with Avenue Growth Partners and Second Century Ventures to help grow our business, and remain hyper-focused on addressing the pain points of the commercial real estate valuation community. Bootstrapped since inception, we patiently identified the right partners who understood our business and could help us thrive.”
In the past 12 months, Valcre’s products have been used to facilitate more than 50,000 commercial real estate appraisals. Customers value the faster turn times and ability to complete the greatest variety of appraisals in the industry. Since the height of the pandemic, Valcre has experienced nearly 300 percent increase in recurring revenue.
“Valcre accelerates workflow efficiency across every segment of the commercial real estate appraisal industry – from solopreneurs to many of the biggest names in real estate services,” said Avenue Growth Partners Co-Founding Partner Ryan Russell. “We are proud to support Lucas and Kris’s vision to empower commercial real estate appraisal professionals globally.”
Prior to this funding round, the company had spent six years growing its platform, achieving profitability and accumulating the industry’s leading roster of real-estate services clients including Avison Young, Kidder Mathews, Kroll, Apprise by Walker & Dunlop, RSM, CohnReznick, and several hundred others.
“As a specialized VC focused on real estate technology, we have a keen eye for identifying startups solving real problems in specific segments of the market,” said Second Century Ventures (SCV) Managing Partner Dave Garland. “The Valuation & Advisory services market relies heavily on antiquated methods. Created by former appraisers, Valcre’s software uniquely solves their customers’ nuanced pain points. Valcre works with some of the leading appraisal and valuation firms in the industry, further underscoring their position as a market leader. We’re excited to support Valcre’s continued growth.”
Valcre is the premier appraisal software for the commercial real estate industry. The platform provides an end-to-end solution for appraisal workflow, including job and client management, property research, inspections, analysis, and report writing. Valcre customers save time while delivering higher quality appraisals. With integrations into industry-leading data providers, customized report templates and a cloud-based collaboration suite, Valcre accelerates the appraisal process, giving firms of all sizes a durable and meaningful competitive advantage.
Founded in 2016 by technologists and valuation professionals, Valcre has amassed a client base that includes Avison Young, Kidder Mathews, Kroll, Apprise by Walker & Dunlop, RSM, and CohnReznick. For the latest news from Valcre, visit www.valcre.com or follow us on Facebook, Instagram, LinkedIn and Twitter.
About Avenue Growth Partners
Avenue Growth Partners provides growth capital to B2B software entrepreneurs building vertical-market winners. Headquartered in Washington, D.C., select Avenue investments include Rosie, BizzyCar, Scanifly and Valcre. For more information, please visit www.avenuegp.com.
About Second Century Ventures
Second Century Ventures (SCV), the strategic investment arm of the National Association of REALTORS®, is the most active global real estate technology fund. SCV helps scale its portfolio companies across the world’s largest industries including real estate, financial services, banking, home services, and insurance. Second Century Ventures operates the award-winning REACH technology growth program. Learn more at scv.vc.