US: Rental property management software company DoorLoop has raised $20 million in Series A funding.
The round was led by Alpine Software Group [ASG], a portfolio company of private equity firm Alpine Investors, which buys and builds vertical SaaS companies, and acquired short-term rental data and analytics provider, AirDNA, in March.
The funding, combined with DoorLoop’s $10 million in seed stage funding from one year ago, will be invested into development, marketing, and recruiting efforts in order to take the company to the next stage of growth.
DoorLoop’s co-founders, CEO Ori Tamuz and CMO David Bitton, are no strangers to ASG. They co-founded PracticePanther, a law practice management software, that was acquired by ASG in 2018.
Tamuz said: “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.
“We look forward to not only escalating our growth, but adding innovative features for landlords and property managers,” he added.
One of the fastest-growing proptech companies worldwide, DoorLoop has expanded to more than 50 employees in the past year, with 400 per cent growth in revenue.
ASG and DoorLoop are setting their sights on the future, and are confident about what it holds, as ASG CEO Steve Reardon says: “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.”
With a total of $30 million raised, one of DoorLoop’s biggest priorities is to expedite its product roadmap with numerous new and exciting features.
At the same time, the company has its sights set on expanding the portfolio types that it supports, including HOAs, affordable housing, self-storage, and more, in addition to going upmarket and supporting larger portfolios.
Bitton said: “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.”
DoorLoop is customisable for mixed-use portfolios, including residential, commercial, associations and more. Landlords, property managers and management companies in over 100 countries currently use its software to manage tens of thousands of units.
