Blooma, an AI-powered digital underwriting platform for commercial real estate (CRE), has raised $15 million in a Series A investment round led by Canapi Ventures with participation from existing investor Nyca Partners.
Launched in 2018, Blooma utilizes AI technology to streamline loan origination and portfolio monitoring processes for lenders and CRE professionals. The company also offers CRE portfolio management intelligence that automates ongoing loan monitoring, auditing, stress testing and borrower analyses.
“When we founded Blooma, we brought together some of the most talented technologists and lenders in the industry to create a solution that doesn’t just automate the lending process but makes it smarter and more enjoyable. Blooma is a tool initially built for CRE lenders by CRE lenders – that’s part of our secret sauce,” Blooma CEO Shayne Skaff said. “Since our launch, we have expanded our customer base to include brokers and asset managers as well. Now, with Canapi, we’ve found a partner who can help us make a real impact in an industry in desperate need of our solution.”
According to its release, Blooma intends to use the funding to “drive continued execution of Blooma’s product roadmap and support the hiring of key personnel.” The company reported that its platform has analyzed over $12 billion in deals in the past 12 months and serves several commercial banks, private banks, and brokers, including C3 Bank, Bank of Southern California and CBRE.
“Blooma’s technology is purposely designed for the CRE segment. With core competencies in extracting valuation, rent roll and other key financial data, Blooma is a force multiplier for CRE lenders, many of whom are constrained not by deal flow but by their inability to efficiently evaluate new opportunities and monitor existing portfolios. During diligence, we found that many of our LPs have been feeling this pain acutely, and we were extremely encouraged by the consistent positive reactions our banks have had to Blooma’s platform. We couldn’t be more excited to join Shayne and the rest of the Blooma team as they embark on this exciting new chapter of growth,” said Walker Forehand, partner at Canapi Ventures and recent addition to the Blooma board.