Rental property management software is a crowded field in proptech, but a Miami-based startup says it has developed a better, faster and cheaper offering.
DoorLoop said this week it raised $10 million in seed funding with an eye toward dethroning the massive public and private companies that have dominated the field to date, including AppFolio, Yarde and RealPage.
Extant industry products are cumbersome and out-of-date, David Bitton, DoorLoop’s co-founder and CMO, said in an interview.
“There’s a lot of competition, and we love that, because it tells us there’s a big need in the market,” he said.
DoorLoop’s six co-founders, who have backgrounds in software and real estate, led the seed round along with other private investors, according to a release.
DoorLoop, like its competitors, allows landlords and property managers to automate listing, tenant screening, rent collection, maintenance and move-outs. The company says it makes onboarding prospective clients quicker 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 primary rationale switch-over clients give when polled, according to Bitton.
“As a startup, we can move really fast,” Bitton said. “Today they can get a demo. Tomorrow they can get training and start using it. Our competitors can take weeks or months to do that.”
Founded in 2019, DoorLoop launched its services in early 2021. The platform is used in 1700 cities worldwide as of mid-September, per Bitton. The company will be profitable “very soon,” he said.
The company is targeting the middle market, including property managers with up to 10,000 units. According to Bitton, DoorLoop does not yet have the brand recognition to attract the larger managers overseeing 10,000 to 100,000 units.
“We’re targeting everyone, but the ones that are signing up are the smaller ones,” he said.
A Series A raise is not on the near-term horizon, Bitton said.
“We’re going to see how far this money takes us.”