Doorvest, a San Francisco, CA-based platform to own high-yield rental homes entirely online, raised $39m in funding.
The round was inclusive of $14M in equity for its Series A and a $25M credit facility. The equity round was led by M13 with participation from Mucker Capital, Gaingels and Socially Financed and executives such as Tom Willerer, CPO at Opendoor; Adam Nash, CEO of Daffy, formerly CEO of Wealthfront and Marcus Ridgway, Founder of Invitation Homes. The new funding comes eight months after Doorvest raised $2.5m in seed funding, bringing its total equity raised to $17.5m.
The company intends to use the funds for hiring, expansion to new Sun Belt markets, and product and technology investment to further accelerate rental home ownership for its customers.
Led by Andrew Luong, CEO & Co-Founder, Doorvest has built a real estate investment platform with a mission to advance financial security for all via ownership in out-of-state rental properties. The company has a team of 30 full-time employees. The company is also launching a new sell side platform, which allows anyone in Texas and Atlanta, – including agents and wholesalers – to sell their property to Doorvest regardless of condition.