Doorvest, a San Francisco, CA-based online platform for owning income-producing private real estate, raised $2.5m in seed funding.
The round was led by Mucker Capital.
The company intends to use the funds to grow its team and continue to expand its business reach.
Led by Andrew Luong, CEO & Co-Founder, Doorvest is an entirely-online platform for owning income-producing private real estate. The platform provides transparency via a comprehensive breakdown of monthly cash flow, property activity, legal documents, and reports through an investor dashboard.
Its newest offer –– the Home Renovation Guarantee –– is designed to guarantee all renovation-related repairs and maintenance on investment properties for one year. Doorvest funds a renovation priced between $25,000 and $50,000 for each home, an undertaking that requires extensive planning, coordination, relationship building, and vetting the best general contractors. Following the initial renovation, this one-year guarantee covers the costs for the wear-and-tear, age-related maintenance of the following main components of the home: HVAC unit, roof, flooring, water heater, refrigerator, oven and oven range, microwave, dishwasher, and bathroom hardware (toilet, showerhead, etc.). In the event that the listed items require maintenance or repairs, the company will cover the expenses to fix or replace the items.