Start-up DoorLoop has raised $ 10 million in seed money for rental management software
Rental property management software is a crowded area of proptech, but a Miami-based startup claims to have developed a better, faster, and cheaper offering.
DoorLoop said this week it has raised $ 10 million in seed funding in a bid to dethrone the huge public and private companies that have dominated the field to date, including AppFolio, Yarde and RealPage.
The industry’s existing products are bulky and outdated, said David Bitton, co-founder and chief marketing officer of DoorLoop, in an interview.
“There is a lot of competition, and we love it, because it tells us that there is a great need in the market,” he said.
According to a statement, the six DoorLoop co-founders, who have backgrounds in software and real estate, led the round with other private investors.
DoorLoop, like its competitors, allows property owners and managers to automate registration, tenant selection, rent collection, maintenance and moves. The company claims that onboarding potential customers is faster and cheaper, in addition to offering a more intuitive product with an open API that can be integrated with other software.
The company also says it provides better customer service – a top reason customers cite when switching when asked, according to Bitton.
“As a startup, we can scale very quickly,” said Bitton. “Today they can get a demo. Tomorrow they can take training and start using it. Our competitors can take weeks or months to do this.
Founded in 2019, DoorLoop launched its services in early 2021. The platform is in use in 1,700 cities around the world as of mid-September, by Bitton. The business will be profitable “very soon,” he said.
The company targets the mid-market, including property managers with up to 10,000 units. According to Bitton, DoorLoop does not yet have the brand awareness to attract the biggest managers overseeing 10,000 to 100,000 units.
“We are targeting everyone, but those who sign up are the smallest,” he said.
A Series A hike is not on the near-term horizon, Bitton said.
“We will see how far this money will take us.