Dottid raises $ 4.5 million in new round of financing to expand its PropTech offering ”Dallas innovates
Dallas-based startup Dottid Proptech, which offers a software-as-a-service technology platform for the commercial real estate industry, has raised more than $ 4.5 million in a new round of capital financing.
The investment was driven internally, with key contributions from Matthew Morris, the former CEO of Stewart Title; Steven Bean, a founding partner of SitusAMC; and Kevin McManus, former head of North American services for SAP. Some of the strategic partners are Dottid customers.
The news follows a $ 3.85 million seed funding that Dottid raised in January 2020.
“We are proud of the outstanding work of our team and are confident that Dottid will continue to grow and attract new clients and investors,” Dottid CEO and Founder Kyle Waldrep said in a statement. “This is just the start as we continue to expand our product offerings, the Dottid way – simple, smart and efficient.”
Waldrep launched Dottid in 2018 to revolutionize the CRE industry with technology.
His idea was to streamline the rental transaction process so that owners, brokers and tenants could close more deals faster and at lower cost. Overall, he wanted to create a better customer experience for the tenant.
In January 2020, Waldrep and his team introduced the Dottid platform. They had developed a one-of-a-kind custom technology based on contributions from CRE’s rental and asset management professionals, and hoped it would deliver an exceptional user experience and design simplicity. If successful, the digital process management solution would drive CRE’s leasing transactions and monitor every moment, from the management of the inventory of a space to the eventual occupation.
Fast forward to today and their hard work has paid off: the platform has been adopted in tens of millions of square feet of commercial properties across the country. This includes some of the largest industrial and office owners in the country.
“Customers clearly see the technology at work and confirm the immediate benefits of a platform specifically designed to facilitate close deals, track all details before and after hire, and provide transparency and integration.” vertical required by real estate teams ”. Said Waldrep. “We see this growth momentum continuing into 2021 and beyond as we focus on listening to clients, working with strategic partners and solving the day-to-day issues of owners, asset managers, brokers. and all parties involved in a transaction. ”
With the new funding, Waldrep and his team want to continue their mission of bringing all parties together with increased transparency, improved organization and better workflow management.
Last year, the company saw an opportunity to fill a major gap in the industrial building owner market. The startup decided to expand its software platform as a CRE service with custom technology. They then developed the industry’s first industry-specific asset management and leasing platform, dubbed Dottid Industrial, which was officially unveiled in January.
“The development was incredibly well timed,” Waldrep said previously. Dallas innovates.
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The rise of e-commerce and logistics, accelerated by COVID-19, has led to a record year in industrial real estate. The asset class did not have the right technology for its use case. Waldrep says his team moved incredibly fast to capitalize on the opportunity.
What is the end game? Dottid aims to use new technologies to improve the CRE process without hampering the relationships that continue to drive transactions. “COVID has forced many companies to reassess their technology assets,” says Waldrep. “Dottid sees the industry evolving towards smarter tools that allow people to do more from anywhere.”
In the long run, Dottid is building a tool that will help alleviate the problem all owners face: the need for point solutions in several areas of their business. The founder sees his startup as a place where many CRE processes connect to streamline the efficiency of his clients.
This vision will continue this year.
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