DoorLoop Raises $20M in Series-A Round

The company plans to use the money for development, marketing, and recruitment.

DoorLoop, a proptech company that develops rental property management software, announced that it raised $20 million in a Series-A funding round. Backing the round was Alpine Software Group (ASG), a portfolio company of Alpine Investors that buys and builds vertical SaaS companies.

This comes after a $10 million round raised a year ago from the company’s founders and some private investors, making for a total of $30 million in funding so far.

The company has grown from 40 employees in 2021 to 50 now “with 400% growth in revenue,” although without having any numbers presented, that could be impressive or quite modest, depending on the baseline.

DoorLoop says that it will invest the funding “into development, marketing, and recruiting efforts in order to take the company to the next stage of growth.”

The company claims that customers in “over 100 countries” uses its software “to manage tens of thousands of units.” One question that arises is the types of units. If focused on multifamily, there are an estimated 21.3 million apartment units in the U.S. alone, according to the National Multifamily Housing Council. Even if available only this country, the company has little market share at the moment. Spread out across 100 countries, it would appear to target smaller operators or, at most, have some small pilot projects out with the larger operators.

But DoorLoop says that its offerings are “fully customizable for any mixed-use portfolio, including residential, commercial, associations, and many more” and that it “automates everything from listing units, screening, rent collection, maintenance requests, moving out tenants, and everything in between.”

This suggests even thinner use in any given category, especially given that screening, maintenance, move-out, listings, and “everything in between” practices will vary widely, depending on the type of property and market.

The ultimately goal of the founders may be acquisition. “DoorLoop’s co-founders, CEO Ori Tamuz and CMO David Bitton, are no strangers to ASG,” the press release says. “They co-founded PracticePanther, a law practice management software, that was acquired by ASG in 2018.”

Furthermore, the release says, “ASG is a unique and fast-growing software business that buys and builds market-leading vertical SaaS companies.” If ASG’s ultimate intent is to purchase existing vertical software offerings to collect into a portfolio, possibly all running off the same cloud delivery system to reduce per-package overhead and increase profitability, then it suggests what the ultimate plan is.