DotLoop, a Cincinnati-based real estate technology company, has recently raised $7 million in Series A funding from Trinity Ventures; they plan to use the funding to open a new DotLoop office in San Francisco and expand their team.
The company claims that its software is currently used by more than 200,000 real estate agents in over 700 cities. In hopes to increase its growth, DotLoop is planning to release a free version of its product, DotLoop-Now, which will make its services available to individual agents, not just those working at large real estate companies.
The DotLoop-Now software eliminates paperwork in real estate transactions by using the company’s proprietary Version-Now technology to sign documents, and there is no restriction on usage.
After experiencing frustration over the process of printing, faxing, notarizing and e-signing a variety of documents first hand, DotLoop CEO Austin Allison realised that a new way of executing a real estate transaction needed to be implemented. “I was about 15 minutes into that transaction from the buyer’s perspective and I recognised that the process was just incredibly antiquated and inefficient, and the inefficiencies were around the paperwork,” said Allison.
“Anyone who has bought or sold a home would agree that the process is broken. DotLoop is the ‘better way’ and, with DotLoop-Now, the individual agent can participate just like an enterprise. Everyone can benefit from a better, faster, and more secure transaction experience.”
DotLoop was launched in 2009, and it has since been instrumental in helping real estate agents, buyers and sellers complete transactions online, from the initial offer to the close.
A ‘loop’ (a virtual workspace) is created by the agents, where buyers and sellers are given access to transaction documents. The involved parties are able to e-sign and share transaction documents, and DotLoop’s online negotiation service lets buyers and sellers add to and adjust documents before approving and signing them. All document adjustments are tracked and timestamped in real-time, similar to how Google Docs updates dynamically and shows edits from multiple people at once.
The site currently services real estate professionals in the US and Canada, but the company has plans on expanding internationally in the coming year. a particular problem, people will attempt to solve that problem by piecing together point solutions.”