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lgoma, a real estate development platform that streamlines the site selection process for developers, has secured $2.3 million in seed funding led by Zacua Ventures, with participation from SOSV and other investors. This funding will support Algoma's expansion of its engineering team, product suite, and web platform.

    As part of its commitment to innovation in sustainable construction, Algoma was selected for two grants: the NYC Mass Timber Studio and the Georgia Mass Timber Accelerator. These initiatives aim to drive efficiency and sustainability in construction.

    Algoma's software accelerates decision-making by providing site feasibility analysis in minutes, combining market intelligence, zoning data, and cost estimates to empower developers with confidence in their go/no-go decisions. The platform focuses on small and mid-sized developers, who often lead urban infill projects, mixed-use developments, and affordable housing initiatives.

    Algoma's features include instant zoning analysis, market intelligence, site-specific design massing, unit mix and layouts, pro forma generation, and visualization tools for investors and agencies.

    The funding will be used to enhance the platform and expand its capabilities. According to Algoma's co-founders, the platform aims to democratize feasibility studies, enabling developers to move faster, evaluate more deals, and make better decisions with less risk.