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Property management software company DoorLoop has landed a Series A funding round for $20 million, continuing a recent streak of institutional investment in rental industry proptechs.
The round was led by Alpine Software Group, a portfolio company of Alpine Investors that buys and builds vertical SaaS companies, according to a press release.
DoorLoop had already closed on $10 million in seed-stage funding. The money is going to support recruiting efforts, marketing and product enhancements, according to the company. Like most funds of this size, the intent is to help the company scale.
DoorLoop co-founder and CEO Ori Tamuz said in a statement that he’s excited to work with Alpine Software Group.
“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,” Tamuz said. “We look forward to not only escalating our growth, but adding innovative features for landlords and property managers.”
Venture capitalists are eager to get involved in the multifamily technology space. RentSpree, a fast-moving entity in that space, landed $17 million in late August. And Zumper, despite recent layoffs, announced $30 million in funding to expand into short-term management services.
DoorLoop is also growing quickly, expanding to 50 people in the last year and reporting a 400 percent growth in revenue.
The company’s product is best described as an end-to-end property management solution for all classes of leased property, ranging from commercial offices to self-storage facilities.
Among other features, DoorLoop offers a tenant prospecting CRM with automated rent collection and communication tools, owner portals for financial oversight, maintenance workflows and third-party portal marketing tools.
The most recent funding will bolster efforts to increase the company’s presence in the HOA space, affordable housing and self-storage.
The housing market is shifting, albeit slowly, toward a buyer bias. Still, homes remain very expensive as overall inventory remains low. The rental market has boomed, as has the number of technology players and new business models arriving to support it.
There has even been a blending of the two sectors with the crescendo of institutional ownership or build-to-rent. Large funds and investment groups are now buying and building homes for the purpose of long-term renting, and technology companies are here for it.
Latchel, for example, landed $16.7 million in funding to continue building its single-family rental platform.
Real estate brokerage REX also made a move — partly to remain solvent — into single-family rentals.
DoorLoop, which has six co-founders, all property investors, operates in North America, the United Kingdom and Israel.