Doorstead, a property management company that offers homeowners an upfront vacancy period and a guaranteed minimum monthly rent before placing a tenant, has raised $21M in Series B funding.
The funding round saw participation from Avanta Ventures and MetaProp, and from existing investors M13 and Madrona. As part of this round, Steve Bernardez, partner at Avanta Ventures, will join Doorstead’s board of directors. This round brings Doorstead’s total funding to $37M.
The company plans to use the money to expand the platform to provide more services, develop new services and products to serve a variety of properties, and invest in technological innovation.
Furthermore, Doorstead has announced the acquisition of Knox Financial, a platform for managing long-term rentals.
Doorstead, founded in April 2019 by Ryan Waliany and Jennifer Bronzo, provides full-service property management, including preparing the property for rent, conducting showings and screening tenants, inspecting the property and handling maintenance requests, and more. The company has generated over 30,000 guaranteed rental offers and manages assets worth over $1 billion. Doorstead currently serves seven markets in California and the Pacific Northwest, with the majority of its operations based in Seattle, Washington.
Expansion plans
By acquiring Boston-based Knox Financial’s Massachusetts portfolio, Doorstead will expand its operations on the East Coast, immediately serving hundreds of tenants and owners in the state.
“We are pleased to have raised this capital and to have completed the acquisition of Knox Financial’s portfolio in Massachusetts. What we’ve seen in the last twelve months is increased demand for reliable investment income and hassle-free property management. We offer guaranteed payments and a hands-off experience for investors in a volatile real-estate market,” said Ryan Waliany, Doorstead co-founder and CEO.
David Friedman, CEO of Knox Financial said, “Over the last few years, Doorstead has emerged as one of the most successful companies in tech-enabled property management, giving investment property owners across the U.S. the easiest possible way to build wealth through their properties. Knox’s customers are in great hands with the Doorstead team, and I look forward to seeing the company grow and succeed in the coming years.”
“Avanta looks forward to supporting Doorstead’s growth as they add new products and services for real estate investors with more than $3.7 trillion in rental assets,” says Steve Bernardez, Partner at Avanta Ventures. “I’m excited to work with them as a board member to further their mission to reimagine property management and significantly reduce the complexity and risk of owning rental properties.”
Property owners enter basic information about their property on Doorstead’s website to request a guaranteed offer. If the property is eligible, the company informs the owner of the minimum amount they will receive each month as well as the date they will begin receiving payments.
