DoorLoop raises $100 million Series B as valuation soars
DoorLoop raises $100 million Series B as valuation soars
The Israeli startup’s automated property management platform is challenging U.S. giants like Yardi and RealPage.
DoorLoop, an Israeli startup that develops a property management platform, has raised $100 million from the American investment fund JMI Equity. According to sources close to the company, this fundraising round valued the company at approximately half a billion dollars, a notable increase from its previous valuation, due to a doubling in revenue over the past year. This Series B round brings DoorLoop's total funding to about $130 million, with the last round having taken place in 2022. Notably, all the funding in the Series B came from JMI Equity, as investors from previous rounds did not participate in this one. DoorLoop's headquarters are based in Miami, with its R&D center located in Israel.
According to DoorLoop’s CEO and co-founder Ori Tamuz, the primary goal of this funding is to significantly expand the workforce, with a strong emphasis on hiring in Israel. Tamuz explained to Calcalist that while high-tech companies are moving to Miami, where he is based, the city still lacks a tech talent pool comparable to that of Israel. DoorLoop currently employs 160 people, including 60 in Israel. The plan is to expand to 400 employees within three years, with half of them based in Israel. Part of DoorLoop’s management team operates out of its headquarters in Tel Aviv, led by the CFO.
The company was founded in 2019 by Tamuz, David Bitton (CMO), and Itay Gardi (CTO). Tamuz is a serial entrepreneur, selling two previous bootstrapped startups to private equity firms, most recently to ASG, which has also invested in DoorLoop.
DoorLoop has introduced technological innovation to the property management market, a field traditionally dominated by established companies. The platform automates various processes, including tenant sourcing, lease management, rent collection, financial reporting, maintenance requests, and tenant communications. However, DoorLoop faces strong competition from industry giants like Yardi and RealPage, the latter of which is backed by the prominent private equity firm Thoma Bravo. DoorLoop operates primarily in the U.S. market, with expansions in Canada and the United Arab Emirates. The company reports significant revenue and is nearing operational profitability.
JMI Equity, now a major shareholder in DoorLoop, is a venture capital firm specializing in software companies. Founded roughly 30 years ago, JMI has raised $8 billion to date, investing in 185 software companies across North America and Europe and completing over 120 successful exits.
