Dallas proptech startup Dottid, which offers a software-as-a-service technology platform for the commercial real estate industry, has raised more than $4.5 million in a newly closed round of capital funding.
The investment was led internally, with key contributions from Matthew Morris, the former CEO of Stewart Title; Steven Bean, a founding partner of SitusAMC; and Kevin McManus, the former head of North America Services for SAP. Some of the strategic partners are Dottid customers.
This news follows $3.85 million in seed funding Dottid raised in January 2020.
“We’re proud of our team’s remarkable work and are confident 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 beginning as we continue to expand product offerings, the Dottid way—simple, smart, and effective.”
Waldrep started Dottid in 2018 to revolutionize the CRE industry with technology.
His idea was to streamline the leasing transaction process so owners, brokers, and tenants could close more deals faster and with lower costs. 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 first-of-its-kind, customized technology based on input from CRE leasing and asset management professionals, and hoped it would offer an exceptional user experience and design simplicity. If successful, the digital process management solution would drive CRE leasing transactions—and track every moment, from managing inventory of a space to eventual occupancy.
Fast forward to today and their work has paid off: The platform has been adopted in tens of millions of square feet of commercial properties across the country. That includes some of the largest industrial and office owners nationwide.
“Customers are clearly seeing the technology at work and confirm the immediate benefits of a platform built specifically to facilitate deal-making, track all details both pre-lease and post-lease, and provide needed transparency and vertical integration for real estate teams,” Waldrep said. “We see this growth momentum continuing through 2021 and beyond as we focus on listening to customers, work with strategic partners, and solve everyday problems for owners, asset managers, brokers, and all parties pertinent to a transaction.”
With the new funding, Waldrep and his team want to continue their mission to bring all parties together with increased transparency, enhanced organization, and improved workflow management.
Last year, the company saw an opportunity to fill a major gap in the market for industrial property owners. The startup set out to extend its CRE software-as-a-service platform with custom technology. They then developed the first asset and lease management platform specific to the industrial sector, calling it Dottid Industrial, which officially unveiled in January.
“The development was incredibly well timed,” Waldrep previously told Dallas Innovates.
The rise of e-commerce and logistics, accelerated by COVID-19, led to a record-setting year in industrial real estate. The asset class didn’t have technology tailored to its use case. Waldrep says his team moved incredibly fast to capitalize on the opportunity.
What’s the end game? Dottid aims to use new technology to improve the CRE process while not getting in the way of relationships that continue to drive deals. “COVID forced many firms to reevaluate their technology assets,” Waldrep says. “Dottid is seeing the industry shift toward smarter tools that enable people to do more from wherever.”
Long term, Dottid is building a tool that will help alleviate the problem most all property owners face: the need for point solutions in multiple areas of their business. The founder sees his startup as a place where many CRE processes connect to streamline efficiencies for its customers.
That vision will continue to unfold this year.
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