Whether renting out one apartment, several apartments or an entire commercial building, there is probably quite a bit of truth in the phrase "more property, more concern". A new Israeli startup, which came out of stealth today, wants to help manage these assets with a new advanced system.
Do everything with one platform
DoorLoop is a system designed for property managers, management companies, real estate investors, and homeowners, that allows them to manage all their leases from the platform. Whether it’s managing and closing contracts with new tenants, clearing monthly rent, tracking faults in the properties, dealing with malfunctions that need repair and or even connecting users with professionals who work with the company, it can all be done in the app.
DoorLoop was founded by Ori Tamuz (CEO), Itay Gardi (CTO), Dean Brodesky (EU President), David Bitton (CMO) and Matt Cave (CSD). Tamuz, Gardi and Brodesky are childhood friends, who have known each other for 30 years; Tamuz brings his experience in establishing companies while Gardi and Brodesky bring experience in real estate and asset management. Bitton and Cave worked under Tamuz at a startup he sold in 2014 called Nova POS, and Bitton even founded another company with Tamuz called PracticePanther which was acquired in 2018.
"Several of the founders started investing in real estate, buying apartments and renting them, and we were looking for a software that would manage it easily at a price that is accessible to people like us – homeowners without many assets," says Tamuz when asked where the idea behind DoorLoop stemmed from. According to him, nothing simple or easy existed on the market so they decided to create it. Now, according to the company's data, more than a hundred thousand properties are managed through it.
There is a lot of property management software on the market. What differentiates yours from the rest and how is it better?
Tamuz: "The main difference between Doorloop and most of our big competitors is that they were built 15 to 20 years ago. If you take a 20-year-old car, no matter how many times you change its body, it's the same engine under the hood. Doorloop is a new vehicle, with a new engine. The software is easy and convenient to use with minimal effort. You can start working within an hour, compared to 20-40 hours for our competitors.”
"The goal is not to sell the company in three years"
Today (Wednesday) the Israeli startup announced it raised $20 million in a Series A round, which was led by the investment group ASG - which buys specific vertical SaaS companies to improve them. ASG was also the company that acquired PracticePanther, (Tamuz and Bitton's previous company). Since its establishment in 2021, the Israeli startup has raised $30 million and employs about 50 people in offices in Tel Aviv and Miami.
You are working with ASG after you already sold a company to them. Is your goal to sell it to them in two or three years or do you want to continue growing the company this time, and perhaps raise capital from VCs as well?
"The goal is not to sell the company in three years but to continue to grow for years to come and potentially also issue on the stock exchange in the United States.