Blooma, a San Diego CA-based digital underwriting platform for commercial real estate (CRE), raised $15M in Series A funding.
The round was led by Canapi Ventures with participation from existing investor Nyca Partners.
The company intends to use the funds to drive continued execution of its product roadmap and support the hiring of personnel to enable Blooma to serve its base of commercial bank, private bank and broker customers in the CRE segment.
Blooma is a commercial real estate intelligence platform which aims to improve loan origination and portfolio monitoring processes for operators in the CRE space. On the loan origination side, the solution uses optical character recognition (OCR) technology to extract information from relevant documents to automate the deal evaluation process and empower users to make informed investment decisions quickly. The origination solution produces fast and accurate sales and income valuations based on intelligent market comparables and expense information.
Blooma also offers CRE portfolio management intelligence that automates ongoing loan monitoring, auditing, stress testing and borrower analyses. By pulling in hundreds of data points for each loan, portfolios are continuously screened according to a rating system configured and controlled by the customer. The system connects via API to real-time market data sources that provide early indicators of risk at the loan and portfolio level, resulting in lower loan servicing costs and enhanced visibility into the portfolio.