American rental property platform Doorvest has announced the close of its $39 million Series A funding round.
The San Francisco-headquartered company, which describes itself as a “.. modern, frictionless way for any consumer to own high-yield rental homes entirely online,” said the funding will be used for talent acquisition, expansion to new markets, and product and technology investments to accelerate the purchase process for its customers.
This latest funding was led by M13, with participation from Mucker Capital, Gaingels and Socially Financed.
Doorvest has also unveiled an iBuying platform for homeowners to rapidly increase its supply of rental homes. It allows anyone in its markets to sell their property to Doorvest regardless of condition.
After answering a few questions and submitting a refundable deposit. Doorvest sources homes that fit its investors ideal property. When it finds a perfect combination, it will buy it, renovate it, and place a long-term tenant.
The company says it is so confident in its renovations and tenants that it guarantees maintenance and rental income for the first year.
It looks after property management and day-to-day operations, and charges a 10% fee.
Doorvest has also unveiled an iBuying platform for homeowners, with the aim of rapidly increasing its supply of rental homes.
Its new sell side platform allows anyone in Texas and Atlanta - including real estate agents and wholesalers - to sell their property to Doorvest regardless of the condition.
This news comes following Zillow’s recent suspension of its own iBuying operations.
The startup was launched in April 2018 and has purchased more than 170 homes in its sole operating market, Houston, to date. It is reported to have more than $20 million worth of assets under management.