Doorstead, a San Francisco, CA-based technology-operations company that specializes in full-service property management, raised $12.5m in Series A funding.
The round was led by Madrona Venture Group, with participation from operating executives from OpenDoor, Uber, and Docusign.
The company intends to use the funds to accelerate investments in its pricing and fulfillment technology platform, to build out its product, engineering, and marketing organizations, and to finance its expansions into new cities across the U.S.
Founded by Uber and Y Combinator veterans Ryan Waliany and Jennifer Bronzo in 2019, Doorstead provides residential landlords with a property management platform that applies AI and technology operations.
The company analyzes millions of market-specific data points on a daily basis to calculate the optimal rental price to maximize rental income while minimizing vacancy. Within 24 hours of request for a given property, Doorstead provides a guaranteed rental rate, occupancy date, and a year of cash flow for the owner.
The company now manages more than 300 properties in the San Francisco Bay Area, its first market. With more than $10 million of rent under management, the company recently launched in its second and third markets, Los Angeles and Orange County.