PropTech startup DoorLoop raises $20M Series A round
By Nancy Dahlberg
Landlords, property managers and management companies use DoorLoop to automate their management processes, including listing units, screening, rent collection, handling maintenance requests and moving out tenants. They can now expect an even stronger and more expansive technology platform from this Miami Beach-based property management software startup that launched its service in 2021.
Today, DoorLoop, announced that it has closed a $20 million Series A funding round from Alpine Software Group (ASG), a portfolio company of Alpine Investors that buys and builds vertical SaaS companies.
DoorLoop co-founders Ori Tamuz, the CEO, and David Bitton, CMO, are no strangers to ASG. They also co-founded PracticePanther, a law practice management software, that was acquired by ASG in 2018. “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,” ASG CEO Steve Reardon in a statement.
DoorLoop’s team includes more than 50 full-time employees – up from about 26 at this time last year – and the proptech startup plans to double its team to 100 over the next 12 months, said Bitton, in an interview with Refresh Miami. About 40 of the employees work in its Lincoln Road HQ. In addition to Miami, the startup has offices in Tel-Aviv and London.
In the past year, the startup has seen 400% revenue growth, and “now we have tens of thousands of customers in 104 countries,” added Bitton. He attributes this success partly to the fact that the company has five co-founders, including Adam Maite, Itay Gardi and Matt Cave, and each takes ownership of their departments. But it’s also about the teams that they have all assembled.
“After selling our last two companies, we said to ourselves what can we do better? And the answer was really obvious — it was team,” said Bitton. To work at DoorLoop everyone goes through a rigorous screening process to find the “amazing A players,” he said, because “all the advice we’ve gotten is it’s all about the people — you need to have people better than yourself. That’s what we strive to do and everyone we hire is a potential future leader in the company.”
Customer support is an area the co-founders are particularly proud of. “We are the number one highest rated property management software across all the [user ratings] websites,” said Bitton, adding that the company has received five out of five starts almost across the board,
With the new funding, DoorLoop will double their development team to release features faster and expand the types of portfolios they can handle, including HOAs, affordable housing, student housing, self-storage, and more. That includes supporting larger portfolios, such as the property management company with 10,000+ units.
“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 Tamuz. “We look forward to not only escalating our growth, but adding innovative features for landlords and property managers.”
With the latest funding, the company has raised $30 million, including a $10 million seed round raised last year.
“We had five-year goals to get us to where we are today and we did it in exactly one year. So what’s next is we just continue growing and taking over the space,” Bitton said. “I want to see us in five to seven years as a unicorn and potentially going public.”
DoorLoop is actively hiring for 13 open roles across the company.
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