DoorLoop, a rental property management proptech, today announced raising a $20 million Series A led by Alpine Software Group (ASG), according to a press release.
The company says the capital, alongside the $10 million it raised in seed funding, will be used to bolster development, marketing and recruiting efforts in order to drive its next stage of growth. It also says plans to expedite its product roadmap to release new features.
DoorLoop claims to be “one of the fastest-growing proptech companies worldwide,” saying it has expanded to more than 50 employees in the past year, with 400% growth in revenue.
“Backed by a world-class team, DoorLoop is running full speed ahead to accomplish its primary goal: to reach more landlords and property managers while still offering world-class support with a product that exceeds all of its users’ needs and more,” stated DoorLoop co-founder and Chief Marketing Officer (CMO) David Bitton, in the release.
DoorLoop claims it is now used to manage tens of thousands of units across over 100 countries, providing landlords, property managers and management companies with services including: listings, tenant screening, rent collection, maintenance requests and more.
The rental tech provider also says its platform is fully customizable for any mixed-use portfolio, and stated plans to expand the size and range of portfolios it supports. DoorLoop says this includes HOAs, affordable housing and self-storage.
The company also noted that its live chat client support differentiates it from the competition, claiming that it plans to double its customer support teams to further cut customer response times.
“A big part is growing the team, quadrupling the development team, doubling the sales and customer support teams, growing all these key positions that are needed,” Britton told Commercial Observer. “We always want to give world-class support. No competitors offer live chat. Right now we’re able to offer a sort of live chat. [Customers] get responses in under four minutes. We want to cut that down and make it under one minute.”
DoorLoop’s co-founders also previously worked with ASG, a portfolio company of Alpine Investors which buys and builds vertical SaaS companies, having sold their previous business PracticePanther to the firm in 2018.
“We are excited to work with ASG again. This funding will enable us to develop an even stronger and more expansive technology platform, broaden our marketing initiatives, and bring more members into our amazing team,” said Ori Tamuz, co-founder and CEO of DoorLoop.
“We look forward to not only escalating our growth, but adding innovative features for landlords and property managers,” Tamuz said.
ASG CEO Steve Reardon added, “DoorLoop has a proven team and playbook. We’ve worked with David and Ori for years and are thrilled to continue to be a part of their story, and we see a great future in the PropTech SaaS industry.”
DoorLoop is currently priced at just $49 per month for small landlords with one to 20 units, and scales based on units using the platform, according to Britton. He says that while it is pushing off profitability in favor of business reinvestment, he believes that over time customers’ will stick with the platform and grow its profitability in turn.
“If the customers are happy, they will stick around with us. No one bought anything to flip a real estate investment every month. A lot of times they’ll hold it for five or 10 years, maybe 50 years. After two years we’ll start making our money back. If they’re with us for five or 10 years we’re happy and they’re happy,” he told Commercial Observer.
In other recent proptech news, Ryan acquired property tax and transfer offering business lines from Thomson Reuters, making it the largest property tax software provider in the U.S. Verisk also integrated Yembo into its platform to provide AI-driven property estimation.