Uber vets raise $ 12.5 million for property management startup Doorstead

Doorstead executives, left to right: William Wu, CTO; Jennifer Bronzo, co-founder and COO; Jason Karas, vice president of growth; Ryan Waliany, co-founder and CEO. (Door photo)

New funding: door frame, a San Francisco property management startup founded by former Uber employees, has raised a $ 12.5 million Series A funding round led by Seattle-based Madrona Venture Group.

Company context: The 2-year-old startup is targeting 15 million small real estate investors who own single-family units and need help renting their space. It provides data on optimal rental prices and offers a guaranteed rental offer within 24 hours.

Doorstead also manages the property, including preparation for the lease, selecting tenants and negotiating the rent. It manages over 300 properties in the Bay Area and was recently launched in Los Angeles and Orange County. The startup has more than $ 10 million in rent under management.

Revenue model: Doorstead follows the industry standard of around 8% of monthly rents as a management fee and 50% of a month’s rent when a tenant is placed. It guarantees the upfront payment to the owner of a property – if the business lacks estimates, it covers the difference, and if it rents a higher rate, the extra money goes to the owner.

Direction: Uber vets Ryan waliany and Jennifer bronzo launched Doorstead in 2019. Waliany worked in products at Uber and previously launched Kitchenbowl, a Seattle social recipe app sold to ABC Cooking in 2017. He also co-founded HotSwap, Bullet Media and Idealix. Bronzo co-founded game startup Thumper Studios and computer hardware company ZowPow, and was also a property manager for Maywood Construction.

Funding: The 24-person company has raised $ 17.3 million to date. Other backers include executives from OpenDoor, Uber and Docusign.

“As we’ve seen in the residential real estate buying and selling market with our previous investment in Redfin, when you take the friction out and apply data and technology to the transaction, the buyer and the buyer. seller (or in this case owner and tenant) earn, ”Scott Jacobson and Elisa La Cava de Madrona wrote in a blog post. “Doorstead has the winning approach for the market and the team to build what we believe will become a home brand. “

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