Doorvest, a venture-backed platform that claims to simplify the process of investing in single-family rental homes, has acquired proptech firm Getaway to add financing capabilities to its offerings.
Doorvest launched in 2018, starting in the Houston market, and has since built up a portfolio of more than $20 million in assets under management and over 34,000 investor customers. The company has raised a total of $92.5 million in funding, according to Crunchbase.
The company’s model involves buying distressed properties on behalf of investors, renovating them, and renting them out. Investors working with Doorvest pick a property on the company’s online marketplace and cough up a 20% to 25% down payment.
Investments are currently available in Houston, Dallas, San Antonio, Atlanta, Oklahoma City, Columbus, Tusla and Cincinnati, and Doorvest is working on expanding into other markets. Typical Doorvest homes are standard single-family detached houses built after 1970 with three bedrooms, two bathrooms and a two-car garage.
“By uniting Doorvest’s end-to-end platform with Getaway’s innovative financing tools, we’re accelerating our mission to advance financial security for all while ushering in PropTech 3.0,” said Andrew Luong, Doorvest CEO and co-founder.
Doorvest said the merger would speed up the development of the company’s lending product, which it hopes to launch later this year. The company currently does not do any financing in-house, according to its FAQ.
“Combining forces with Doorvest allows us to expand our impact, offering a broader range of solutions to help more people diversify into real estate,” said Getaway CEO and co-founder Ali (Nichols) McCarty in a statement. Nichols has joined Doorvest as COO, her LinkedIn profile indicates.
Nichols co-founded Getaway with Amr Shafik in 2022 in Miami. She is now based in San Francisco, according to her LinkedIn.