Doorstead raises $3.3 million
Doorstead, the San Francisco-based property management startup, has raised $3.3 million in a seed round co-led by global investment firms M13 and Silicon Valley Data Capital with participation from the Venture Reality Fund and SOMA Capital.
Founded in 2019, Doorstead provides risk-free property management with guaranteed rental income – regardless of occupancy – allowing landlords to get a rental offer “within hours.” The startup uses “modern data science to efficiently model risk” alongside operations technology that enables “consistent high-quality service at scale.” Doorstead claims that it eliminates vacancy risk, makes the market more efficient and gives property owners true peace of mind.
To date, Doorstead has met 100% of its guarantees, reduced vacancies by as much as 76% and helped owners earn up to 9% more in annual rental income. Doorstead currently serves the San Francisco Bay Area, with expansion plans for Sacramento and Los Angeles.
“We are thrilled to partner with Doorstead to pioneer a new model of risk-free property management. Doorstead is already surpassing expectations of property managers by delivering higher rental income with unparalleled quality of service, and it’s just getting started.” – Gautam Gupta, partner at M13.
“We are very excited about investing in and working with Doorstead because we believe the opportunity to apply technology to the currently inefficient property management industry is enormous. Doorstead has an excellent team who understands the market and has built a product property owners find to be differentiated and valuable.” – Lara Druyan, partner at Silicon Valley Data Capital.
“Today, we are seeing the emergence of operations-technology companies like Uber, DoorDash and Opendoor with both operations and technology crafted into their DNA. At Doorstead, we believe that software cannot exist without the human component, and the operations cannot exist without software orchestrating the process.” – Ryan Waliany, CEO and cofounder of Doorstead.
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