SAN FRANCISCO--(BUSINESS WIRE)--Doorvest, a modern, frictionless way to own high-yield rental homes entirely online, today announced it has raised $39 million, inclusive of $14M in equity for its Series A and secured a $25M credit facility. The round was led by M13 with participation from Mucker Capital, Gaingels and Socially Financed and executives such as Tom Willerer, CPO at Opendoor; Adam Nash, CEO of Daffy, formerly CEO of Wealthfront and Marcus Ridgway, Founder of Invitation Homes.
Doorvest built the first end-to-end real estate investment platform with a mission to advance financial security for all via ownership in out-of-state rental properties. The company has grown 15x in customer demand and the team has grown to 30 full-time employees since inception. The new funding comes eight months after Doorvest raised $2.5 million in seed funding, bringing its total equity raised to $17.5 million, alongside the $25 million raised in working capital.
“For most people, the obstacles to owning a rental home - a high down payment, geographic limitations, finding and keeping residents and maintaining the home – are insurmountable,” says Brent Murri, M13 Principal. “Doorvest’s full-service solution removes these barriers by handling the end-to-end experience for its customers, from finding the home to renting it out. In doing so, the company has democratized access to one of the most stable asset classes in the U.S. - single family rentals.”
Strengthening Doorvest’s commitment to innovation and technology, this new round of funding will be used for hiring, expansion to new Sun Belt markets, and product and technology investment to further accelerate rental home ownership for our customers.
“We're eager to put this new funding to work and build our team with good humans who are energetic about our mission to advance financial security for all,” says Andrew Luong, CEO & Co-Founder of Doorvest. “Unlocking home ownership for the average American continues to motivate our growth and we’re proud to say that 70% of our customers are first-time homeowners.”
Doorvest is also launching the new sell side platform. Now anyone in Texas and Atlanta, - including agents and wholesalers - can sell their property to Doorvest regardless of condition. Doorvest now replicates the simplicity of the real estate investing process over to the real estate selling side.
ABOUT DOORVEST
Doorvest is an entirely-online platform for owning income-producing private real estate. They empower individuals to unlock homeownership, passive income, and equity by simplifying the process of buying and managing an affordable, high-yield rental home. It is the only platform that provides complete transparency via a comprehensive breakdown of monthly cash flow, property activity, legal documents, and reports through an investor dashboard. Learn more at https://doorvest.com/.
