Property rental startup Doorstead raised a $3.3 million seed round led by Santa Monica-based M13 on Oct. 7.
San Francisco-based Doorstead will use the funds to expand its business of facilitating leases and guaranteeing rent to single-family property owners or managers regardless of room vacancy. The Doorstead online platform also manages unit listings, tenant selection and leasing as well as maintenance and repairs. Doorstead takes 8% of the property's monthly rent in exchange for its services.
"M13 invests in changes in consumer behavior (and) Doorstead is enabling that in a sector, property management, that is both large — worth $50 billion in the United States — and largely unchanged," said M13 Partner Gautam Gupta.
"With this financing," Gupta added, "Doorstead will be able to expand its proposition to new landlords across the Bay Area, with more geographies to come." He said Doorstead will also use the funding to hire new employees.
Venture Reality Fund and Soma Capital also invested in the seed funding round.
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