Proptech startup raises $100 million to drive hiring spree despite ongoing war

DoorLoop, the developer of a software platform for the management of properties, will use the funds to hire about 150 workers at its R&D center in Tel Aviv in the coming 18 months

Sharon Wrobel is a tech reporter for The Times of Israel.

The team at proptech startup DoorLoop. (Pazit Assolin)
The team at proptech startup DoorLoop. (Pazit Assolin)

DoorLoop, an Israeli-founded startup that developed an online software platform for managing rental properties, said Monday that it secured $100 million in fresh funding to quadruple its workforce in Tel Aviv and expand its research and development operations in the country.

The startup, which has offices in Miami and Tel Aviv, did not disclose details of its valuation, but according to reports in the Hebrew press it is estimated to be worth around $500 million. The Series B financing round, led by US investment fund JMI Equity, takes the startup’s total funding raised to date to $130 million.

With the new funding, DoorLoop seeks to invest in product development and tap into the tech talent pool in Israel. The startup has plans to embark on a hiring spree to bolster the headcount of its Tel Aviv R&D center from 50 to 200 full-time employees over the next 18 months. The startup said it is hiring for a range of positions to strengthen its customer-centric platform, including developers, product managers, QA engineers, data and business analysts, and marketing and finance experts.

DoorLoop, which currently employs 150 people, out of which 50 are based in Israel and the remainder in the US, plans to expand its workforce to about 400 workers with the new capital.

The recruitment plan comes as Israel is more than one year into a war sparked by last year’s October 7 assault on southern Israel by Hamas-led terrorists that killed some 1,200 and saw 251 abducted. The heightened risk and uncertainty of the war situation has forced many local startups and international companies to put some of their projects on hold and lay off employees, while others have had to move some of their operations outside the country.

Founded in 2019 by serial entrepreneurs Ori Tamuz, CEO, and Itay Gardi, CTO, DoorLoop has developed software to create a one-stop-shop property platform that helps landlords, property managers, and real estate companies automate management processes for residential and commercial properties and student housing primarily in the US market.

Reservists of the Carmeli Brigade are seen during operations in southern Lebanon, in a handout photo published on October 29, 2024. (Israel Defense Forces)

The platform automates property management processes, including listings of assets, screening, rent and fee collection, handling maintenance requests, tenant and lease tracking, and moving out tenants.

Tamuz said that with JMI Equity’s investment, DoorLoop “launches into its next phase of growth, accelerating our evolution from disruptive innovator to industry leader.”

“This funding will enable us to invest in expanding our team and technology even further,” he added.

JMI Equity, which is now a shareholder in the startup, has invested in more than 185 software companies across North America and Europe and completed over 120 exits. Its portfolio of cloud software companies with an aggregate enterprise value of $75 billion generates $9 billion in combined revenue.

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