Seattle-based real estate appraisal startup Aloft has raised a $20 million Series A round.
Fifth Wall led the round, which was announced Thursday, while Silicon Valley heavyweight Andreessen Horowitz participated. Other investors included Zillow co-founder Spencer Rascoff and Built CEO Chase Gilbert. According to Aloft, the company has already raised a total of $25 million after being founded this year.
“An appraisal report is the cornerstone of financing a home, but getting a quality report done on time is one of the largest pain points for lenders and borrowers," Travis Soukup, Aloft's CEO, said in a news release. "We think we can fix this with improved appraiser tools and technology, better communication and integrated quality controls."
Aloft allows users to set up an appraisal either through Aloft's website or through an email. The company then conducts an inspection and returns an appraisal within five business days. Aloft currently operates in Seattle and Portland but plans to expand next year.
In addition to expanding in the U.S., Aloft plans to invest in its technology and grow its headcount with the money. On its website, Aloft has open roles in engineering, operations and finance.
Local real estate tech companies have been raising major funding in 2021. Seattle-based real estate fintech Flyhomes announced a $150 million Series C round in June. Bellingham-based Place, meanwhile, raised $100 million on Wednesday and plans to expand in Seattle and Portland.
Aloft's backers have impressive track records. Andreessen Horowitz has a portfolio that includes Airbnb, Pinterest and Lyft. Fifth Wall, meanwhile, has invested in Lime, Allbirds and Blend.
“The appraisal industry is in deep need of evolution and Aloft is the company that can get the job done,” Dan Wenhold, partner at Fifth Wall, said in a news release. “We chose to invest in Aloft because the vision is clear, its leadership has deep experience in the space and the company has already demonstrated the ability to grow smart in a very short period of time.”
